Spot sugar surges 5%

Reuters
Posted: Wednesday, Nov 04, 2009 at 2221 hrs IST
Updated: Wednesday, Nov 04, 2009 at 2221 hrs IST

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Pepper prices to ease on global stocks

Mumbai: Indian spot sugar price surged 5% to a fresh peak on Tuesday, bolstered by a rise in retail demand and on estimates of a deficit for the second straight year, dealers said. In Kolhapur, the price of the most traded S-variety sugar jumped by 5.3% to Rs 3,353 per 100 kg, breaching its earlier peak of Rs 3,185 on Saturday.

Anticipating lower production, millers have started raising quotes. Ex-mill prices have jumped significantly in last one week, said Ashok Jain, president of the Bombay Sugar Merchants Association.

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Spot sugar surges 5%

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