Informist, Thursday, Mar 23, 2023
By Afra Abubacker
MUMBAI – Ex-mill prices of sugar were largely steady today in the key markets of north India and in Maharashtra’s Kolahapur, dealers said.
The market in Mumbai was shut today on account of Gudi Padwa. The market will reopen on Friday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
–Flat at 3,375-3,435 rupees per 100 kg in Muzaffarnagar
–Flat at 3,425-3,475 rupees per 100 kg in Delhi
–Flat at 3,310-3,390 rupees per 100 kg in Kolhapur
–Price unavailable for Mumbai
At 1526 IST, the most-active May contract of raw sugar on the Intercontinental Exchange was up 0.09% at 21.16 cents per pound. The gains were due to low production in India due to excess rainfall. Concerns over the possibility of El Nino and heavy rains in Brazil also supported sugar prices.
According to Indian Sugar Mills Association, India produced 28.2 mln tn of sugar during Oct 1-Mar 15, 1% lower than in the year-ago period.
During the same period, sugar production in Maharashtra declined 6.5% on year to 10.2 mln tn. The drop was due to lower sugarcane yield and sugar recovery after heavy rainfall in September, Kuvadia said.
Moreover, higher diversion of sugarcane for ethanol production in India also supported sugar prices.
Indian Sugar Mills Association estimated that mills across the country have diverted nearly 3.1 mln tn of sugar towards ethanol production by mid-March, up 22.4% from a year ago. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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