Informist, Friday, Apr 21, 2023
By Arunima Bharadwaj
NEW DELHI – Ex-mill prices of sugar fell today in the key wholesale markets of north India and Maharashtra due to weak demand, dealers said.
Prices fell as demand is low after the end of the festival season, said Mukesh Kuvadia, a dealer from Mumbai.
During Oct 1-Apr 15, mills in the country produced 31.1 mln tn of sugar, down 5.4% from the corresponding period last year, according to the latest data released by the India Sugar Mills Association.
Earlier, the government had increased monthly sales limit for April by 200,000 tn to 2.4 mln tn. The addition in the monthly sales limit has been announced in the wake of rising sugar prices amid lower production.
Following are the highlights of sugar trade in the domestic market:
–Down at 3,430-3,500 rupees per 100 kg in Muzaffarnagar
–Down at 3,480-3,525 rupees per 100 kg in Delhi
–Down at 3,460-3,645 rupees per 100 kg in Kolhapur
–Down at 3,620-3,732 rupees per 100 kg in Mumbai
On the Intercontinental Exchange, the most-active May contract of raw sugar was up 0.1% at 25.26 cents per pound, at 1434 IST. Prices rose tracking a rise in crude oil contracts on the NYMEX.
A rise in crude oil prices prompts sugar mills in Brazil, the second-largest producer of sugarcane, to divert less cane towards the production of sugar and more towards ethanol.
Meanwhile, sugar production in Brazil rose 5.2% on year to 33.72 mln tn in Oct-Mar, according to a report by UNICA last week. End
Edited by Tanima Banerjee
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