Live Spot Prices
Gold ( MCX ) 29055 | Lead ( MCX ) 143.7 | Natural Gas ( MCX ) 189 | Crude Oil ( MCX ) 2904 | Jeera ( NCDEX ) 18570 | Guargum ( NCDEX ) 6817 | Refined Soy Oil ( NCDEX ) 625.1
 
Sugar industry urges import duty hike to arrest price fall
Commodity Online | June 19 2017
UPDATED 16:54:18 IST

MCX records Rs. 8,726.75 crore turnover in session 1

Global Copper market in surplus of 165k tonnes in Q1 2017

MCX reports Rs. 90,225.50 crore in weekly turnover

Oil Inventories fail to support prices; Short selling advised

India Pepper exports plunge 37 percent y/y

Sugar mills in India have urged the government to raise the import duty on raw Sugar to 60% from 40%.

In addition to the import of nearly 5 lakh tonnes of raw Sugar allowed by the central government, nearly 3 lakh tonnes of raw Sugar is on its way to the country as international raw Sugar prices have tumbled, the Sugar industry body Indian Sugar Mills Association (ISMA) said.

Since the international prices of the commodity have reduced, raw Sugar imports have become viable even at 40% import duty, ISMA noted.

We do not want Sugar prices to fall from this level due to imports. Hence, the import duty should be raised immediately to 60 per cent. The government should also not extend the import period beyond June 30,” ISMA said.

ISMA had earlier forecast India’s Sugar output at 21.3 million tonnes and a carryover stock of 7.5 million tonnes, substantially higher than the 23.5 million tonnes estimated demand.

Commodity Arrivals Rate
Mustard Oil 1.21 7504.00
Coconut Oil 0.2 15100.00
Arecanut 3 2600.00
Sugar 13.34 4400.00

More

×