Informist, Wednesday, Mar 29, 2023
By Afra Abubacker
MUMBAI – Ex-mill prices of sugar rose today in key wholesale markets of north India, while they were mixed in Maharashtra, dealers said.
Prices fell marginally in Kolhapur, but were flat in Mumbai, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Prices rose in north India today as demand is expected to be higher in April, said Naresh Gupta, an Uttar Pradesh-based trader.
Sugar consumption is seen higher in April due to improved demand during the month of Ramadan and with the onset of summer, which the India Meteorological Department expects to be hotter than normal.
Following are the highlights of sugar trade in the domestic market:
–Up 10–15 rupees at 3,445-3,515 rupees per 100 kg in Muzaffarnagar
–Up 10–15 rupees at 3,495-3,540 rupees per 100 kg in Delhi
–Down 5 rupees at 3,315-3,405 rupees per 100 kg in Kolhapur
–Flat at 3,480-3,620 rupees per 100 kg in Mumbai
At 1617 IST, the most-active May contract of raw sugar on the Intercontinental Exchange was down 0.4% at 21.22 cents per pound. On Tuesday, the contract had hit one-month high of 21.45 cents per pound.
Sugar prices fell on ICE as market participants resorted to profit booking. Concerns over prospects of lower sugar consumption in Thailand and higher output in the country also weighed on sentiments.
Thailand, the third-largest exporter of the commodity, has called for a campaign to cut down sugar consumption in the country on Tuesday, according to media reports today.
Thailand’s health department has asked beverage makers to reduce the amount of sugar in sweet drinks to 5% from 6% per serving size. The campaign comes after reports of higher sugar consumption in the country.
Meanwhile, sugar production in Thailand is seen 14% higher on year at 11.5 mln tn in 2022-23. Likewise, sugar exports are expected to rise 17% on year to 9.05 mln tn during the same period. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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