The Department of Food & Public Distribution (DFPD) announced 22.5 LMT Monthly Sugar Quota for Sale in November 2020 basis of month end stock for September, 2020 further adding the sugar lifted from sugar mills for export and subtracting actual release for October 2020. The allocated monthly sugar quota for November 2020 is 2 LMT higher than the quota allocated for sale in November 2019 which stood at 20.5 LMT.
In talks with ChiniMandi News, sugar trader Anupam Kasera, Delhi Sugar Trading Co. shared his views on the announcement of quota for November 2020. He said, “The release of 22.5 LMT in the domestic market is sufficient to meet the domestic demand considering the major Hindu festival Diwali. However, the market will remain under pressure, prices will also be range bound with new sugar production coming into the market. The market is likely to get tightened post 10th November 2020.”
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Sugar company share prices may reach to its bottom due to no export subsidy and sugar stocks pilingup and due to minimum support price of sugarcane