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Sugar prices drop down by nearly 35 percent, says Sharad Pawar | Union Agriculture Minister Sharad Pawar on Thursday said that wholesale sugar prices in Maharashtra has dropped
by Rupees 1,600 per quintal. Maharashtra is India's top sugar producer. Inaugurating
an agricultural science fair here, Pawar said: "Today morning only I got an
information...for
an instance that Maharashtra and UP are the major producing (sugar) states....
So the Maharashtra's rates have come down this year. Today the wholesale price
is somewhat near to 3,000 rupees ($65) per quintal. It was earlier near to 4,600
rupees ($100) per quintal. So it has been dropped by 1,600 in last 2-3 months
time," Pawar said on Thursday (March 04). International sugar prices, and of raw
sugar in particular, have come down due to a sell-off by funds after having scaled
record highs last December. Brisk Indian demand for sugar has also been a key
driver for New York raw sugar, which had risen to the highest in nearly three
decades. Indian mills have bought 300,000 tonnes of sugar in January, taking
advantage of a fall in global prices. |
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