Monday 15 December 2014

Raw sugar turns sour on glut

Slack buying by temple authorities in the hill shrine of Palani has led to raw sugar stocks piling up in the Regulated Market Committee (RMC) at Kavindapady, Erode. More than 6,000 bags (of 60 kg) of raw sugar have piled up with the RMC and farmers are holding more than 5,000 bags with them.
A spokesperson of the RMC said that annually the temple authorities will buy minimum 50,000 bags but for the past few weeks they are not placing any tender for procuring raw sugar. November, December, January and February are the peak period for the temple to buy raw sugar but this year they have purchased limited quantity.
With the production in full swing, 3,000 more bags are likely to hit the market leading to a glut and slash in prices. Farmers felt that the current price of ₹1,740/bag for first grade and ₹1,600 for second grand is not viable for them.

Source: 

No comments:

Post a Comment