Sugar prices rise by Rs 15-30

Across the country, sugar prices have risen by Rs 15-30 per quintal compared with last week's prices. M grade sugar at Muzaffarnagar market was quoted at Rs 1,935 per quintal, higher by Rs 15-20 as compared with last week's prices.

At the Kolkata market, the prices touched Rs 1,970 per quintal while at the Kanpur market it was traded at Rs 1,965 per quintal, which was Rs 15 higher than the prices on Saturday. The spot prices are up owing to the advent of wedding season, say market sources.

"At Vashi market, S grade sugar was traded in the range of Rs 1,855 per quintal on Monday. At Chennai, it was quoted in the range of Rs 1,895 per quintal, while at Kolkata market it was available in the range of Rs 1,945 per quintal, which is higher by Rs 10 as compared with the prices on Saturday. At Muzaffarnagar, it was offered at Rs 1,920 per quintal," according to the Indian Commodity report of Suvidh Commodities eCOM.

"Sugar prices have stopped their downslide at wholesale markets following a drop in sale by millers, which is turning out to be advantageous to retailers. The rise in prices is mostly attributed to millers who sell less volumes even as demand is higher from bulk consumers," market sources said.

At NCDEX, future prices are also on the rise compared with last week's prices. "Sugar M futures (April '06) prices seem to play sideways to higher bias in the coming one to two trade sessions. On the downside, the immediate support price is fixed at around Rs 1,920 while the base price is at Rs 1,900," a market source said.

At the same time, on the upside, prices may face immediate resistance at Rs 1,950 but they are not bound to cross the Rs 1,960 level," a market source said.