The oils and oilseeds market remained closed for the third consecutive day today as a huge amount of commodities were damaged in the two-day heavy rain that hit the city and suburbs on Tuesday and Wednesday. | |
Traders said normal life was disrupted following rains and conditions have not yet normalised in the Vashi wholesale market.
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Meanwhile, prices of wheat dara, maida and sooji rose on the local wholesale grain market due to restricted arrivals against better offtake and closed with gains.
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Elsewhere, other commodities remained unchanged on little doing. Traders said the rise in wheat dara, maida and sooji prices was mostly due to restricted arrivals from producing belts.
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Wheat dara (for mills) remained up and gained from Rs 755-757 to close at Rs758-760 per quintal.
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Maida and sooji prices also remained in keen demand on increased offtake by the local parties and settled at Rs 870-875 and Rs 870-880 instead of Rs 865-870 each for a 90 kilo bags, 1.1 million tonnes of sugar would be released for general sale in the domestic market in August to help ensure adequate supplies, the food ministry said.
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The government is monitoring the price and availability of sugar and could release more stocks if required, the ministry said in a statement.
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Total availability of sugar in the domestic market during August will be 1.3 million tonnes, including 216,000 tonnes allocated as levy quota for the month.
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Sugar millers have to sell a part of their output to the government at concessional prices as 'levy' sugar. It is then sold to the poor at subsidised rates.
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India has been importing raw sugar this year to meet a domestic shortfall.
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The country consumes 18 million tonnes of sugar a year, but its production is estimated to be around 13 million tonnes in the year that ends in September.
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Output is expected to bounce back in the new season with more areas under sugarcane planting and good monsoon rains.
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The government controls sugar distribution in the market by allocating fixed amounts that can be sold by producers every month in India, the world's biggest sugar consumer.
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Meanwhile, in limited deals, prices of black pepper golden, cardamom small and chirounji looked up in the wholesale kirana market following paucity of stocks amidst negligible arrival from producing centres against fresh demand from local parties and closed with gains.
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Traders said negligible arrival from producing centres mainly pushed up black pepper golden, cardamom and chirounji prices.
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| Black pepper golden traded higher at Rs 6,400-6,600 from the previous mark of Rs 6,300-6,500 per quintal in view of tight supply against higher advices from the southern regions. |
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