Informist, Wednesday, Aug 9, 2023
By Sayantan Sarkar
NEW DELHI – Prices of sugar remained flat for the fourth consecutive day in Maharashtra due to lack of fresh triggers in the market, a dealer said.
Demand for sugar usually increases in August as there are more weddings and festivals. However, so far these have not translated into greater demand, dealers said.
Prices were unavailable in north India today.
North India has been receiving heavy rainfall and as temperature gets cooler it translates into less demand for ice creams and soft drinks. Sugar demand from these two industries fall as a result.
India is the world’s second-largest producer of sugar and a major player in the global market.
Following are highlights of the sugar trade in the domestic market today:
–Flat at 3,780-3,870 rupees per 100 kg in Mumbai
–Flat at 3,660-3,705 rupees per 100 kg in Kolhapur
At 1700 IST, the October sugar futures contract on the Intercontinental Exchange was at 23.71 cents per pound, up 1.1% from the previous close.
Sugar prices rose today as the dollar fell against a basket of major currencies. A weaker dollar makes commodities priced in the greenback cheaper for overseas buyers, thereby lifting demand for the sweetener.
Prices also increased, tracking gains in crude oil. Higher crude oil prices encourage mills to divert more sugarcane towards the production of ethanol, limiting supply of sugar, and thereby increasing demand. End
Edited by Vidhi Verma
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