Informist, Monday, Sep 25, 2023
By Sayantan Sarkar
NEW DELHI – Ex-mill prices of sugar fell today in north India due to selling pressure by mills, said traders. Prices were flat in Maharashtra.
“Prices fell as there is lack of demand for the sweetener at current levels,” said local dealer Naresh Gupta. He also said that mills are selling more as the government has recently released the first tranche of sales quota for October.
The government has set sugar sales quota for October at 1.3 mln tn in the first tranche, Sanjeev Chopra, secretary, Department of Food and Public Distribution, said on Thursday at the India Sugar and Bio-Energy Conference, 2023.
The government wants to have an adequate supply of sugar in the month of October, which is filled with festivals. Sugar demand usually rises ahead of festivals.
In a bid to monitor prices, the Department of Food and Public Distribution on Thursday asked sugar traders, retailers, wholesalers, big chain retailers, and processors to disclose stock positions every Monday with immediate effect.
The 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
-Down 15–20 rupees at 3,770-3,850 rupees per 100 kg in Muzaffarnagar
-Down 15-20 rupees at 3,850-3,880 rupees per 100 kg in Kanpur
On the Intercontinental Exchange, the March sugar contract was at 26.57 cents per pound, down 2.6% from the previous close. Sugar prices fell as traders resorted to booking profits after a sharp rise last week.
Prices had risen sharply last week as the market was concerned about India banning exports for the upcoming sugar season (Oct-Sep). India is one of the top producers of sugar and a major player in the global market. End
US$1 = 83.14 rupees
Edited by Ashish Shirke
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