Informist, Monday, Sep 18, 2023
By Sayantan Sarkar
NEW DELHI – Ex-mill prices of sugar in key markets of north India rose today as demand improved ahead of the upcoming festival season.
Prices have risen by 15–20 rupees today in Uttar Pradesh, said Naresh Gupta, a local trader.
Lack of rainfall in the region has also raised temperature, which boosted demand from ice cream and soft drinks manufacturers in the region.
Prices were flat in Maharashtra amid subdued trade.
Sugar is a highly regulated commodity in India as it is a key staple in meals. Also, the country is the second-largest producer of the commodity in the world.
Following are highlights of the sugar trade in the domestic market today:
-Flat at 3,890-3,962 rupees per 100 kg in Mumbai
-Flat at 3,740-3,840 rupees per 100 kg in Kolhapur
-Up 15–20 rupees at 3,770-3,850 rupees per 100 kg in Muzaffarnagar
-Up 15–20 rupees at 3,820-3,880 rupees per 100 kg in Kanpur
On the Intercontinental Exchange, the March sugar contract was at 27.26 cents per pound, up 0.3% from the previous close.
Global sugar prices rose today on speculation that India may ban exports for the next season. The Asian country is one of the top exporter of the sweetener.
Sugar prices also got a boost from gains in crude oil. Higher crude oil prices encourage mills to divert more sugarcane towards the production of ethanol, which reduces the supply of sugar. End
US$1 = 83.26 rupees
Edited by Deepshikha Bhardwaj
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