Sugar edged up modestly today as traders eyed demand ahead of Diwali. However, overall undertone remained subdued as mills are not selling much stock and a strong cane harvest is weighing on the market. Medium Grade Sugar is quoting at Rs 3770 per quintal in Muzaffarnagar today, up marginally on the day. To supplement the availability of sugar in southern India and to stabilize sugar price, import of 3 Lakh Metric Tonnes (LMT) of raw sugar through southern ports of India at 25 % import duty under Open General License (Tariff Rate Quota) has been allowed through millers/refiners. This is likely to cap Sugar prices in near term.
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