Sugar Price: The continuous eight-day surge in sugar prices in the local wholesale commodity market has finally ceased. On Thursday, the average wholesale sugar price dropped by Rs 91 per quintal. Prices of jaggery, wheat, and most types of edible oils also saw a decline. However, the prices of rice and some primary pulses remained high. The fluctuations in various commodity prices might influence retail prices in the upcoming days. Let’s delve into the specifics.
The average sugar price in the wholesale market decreased by Rs 91
The average sugar price in the wholesale market fell by ₹91 to ₹5,947 per quintal. Previously, sugar prices had been increasing for eight consecutive trading days. Similarly, the price of jaggery also decreased by ₹47 to ₹5,960 per quintal. In the retail market, the average sugar price declined by 73 paise to ₹64.33 per kilogram, indicating that the drop in the wholesale market had a limited impact on retail prices.
Changes in the price of wheat and rice
The food grain market witnessed a mixed trend. The price of average quality rice increased by ₹62 to ₹4,117 per quintal. On the other hand, wheat prices dropped by ₹29 to ₹2,838 per quintal. Wheat flour prices also decreased by ₹30 per quintal. This implies that while rice prices remained high, consumers found some relief in the wheat and flour markets.
Apart from moong, the price of pulses also increased
The pulses market displayed varying trends. The average price of masoor dal rose by Rs 41, urad dal by Rs 29 per quintal. Tur dal increased by Rs 16, and chana dal by Rs 12. However, the price of moong dal decreased by Rs 20 per quintal. This indicates that pulse prices did not uniformly rise and varied based on demand and supply.
Status of edible oils
International market cues also impacted the domestic edible oils market. November palm oil futures on the Bursa Malaysia Derivatives Exchange rose by one ringgit to 4,817 ringgit per tonne. Meanwhile, December US soybean oil futures dropped by 2.08 percent to 66.33 cents per pound.
In the domestic market, the average palm oil price declined by Rs 145, peanut oil by Rs 106 per quintal. Vegetable oil saw a drop of Rs 55, sunflower oil by Rs 48, and mustard oil by Rs 42 per quintal. However, soybean oil prices increased by Rs 19 per quintal. Overall, the sugar rally in the market has paused, while prices for other essential food items remain in a mixed state.