India Sugar: Falls in north on selling pressure as output high

Informist, Tuesday, Jan 18, 2022

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar were down in key wholesale markets across north India today as rise in production led to selling pressure, traders said.

* Mills in India produced 15.1 mln tn of sugar during Oct 1-Jan 15, up 6% from a year ago, the Indian Sugar Mills Association said.

* “Mills will come into the market to sell and then pressure will build because everyone has to finish off their monthly sales quota,” said Naresh Gupta, a Delhi-based dealer.

* In Maharashtra, prices were flat because of parity between demand and supply, said Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association.

* Following are the highlights of sugar trade in the domestic market:

  (Changes in price per 100 kg)

  –Down 5-10 rupees at 3,490 rupees in Muzaffarnagar

  –Down 5-10 rupees at 3,445 rupees in Delhi

  –Flat at 3,460 rupees in Kolhapur

  –Flat at 3,652 rupees in Mumbai

* On the Intercontinental Exchange, the most-active March contract of raw sugar was up 1.8% at 18.64 cents per pound.

* Prices were up nearly 2% as sharp gains in crude oil prices prompted mills in Brazil to divert more sugarcane towards ethanol production over the sweetener, dealers said.  End 

US$1 = 74.57 rupees

Edited by Tanima Banerjee

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Source: Cogencis