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India Sugar: Flat across markets amid tepid demand, falls on ICE

Informist, Thursday, Jan 20, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar in all key wholesale markets across India remained unchanged today because selling pressure on mills subsided, traders said.


* “Prices were flat today as millers sold a good amount of the commodity on Wednesday to exhaust their January sales quota before the month ends. Demand may improve from February because of the scheduled wedding ceremonies in February,” said Delhi-based trader Naresh Gupta.


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

  (Changes in price per 100 kg)

  –Flat at 3,480 rupees in Muzaffarnagar

  –Flat at 3,440 rupees in Delhi

  –Flat at 3,430 rupees in Kolhapur

  –Flat 3,671 rupees in Mumbai


* On the Intercontinental Exchange, the most-active March contract of raw sugar was at 18.95 cents per pound, down 0.6% from the previous close, as fears over the spread of Omicron has led to concerns about a decline in consumption. 


* However, a sharp fall in prices was prevented as gains in global crude oil prices prompted mills in Brazil to divert more sugarcane towards ethanol production. 


* Many analysts see crude prices continuing to rise, which could have a significant bearing on the amount of cane Brazilian mills will divert from sugar to ethanol when the 2022-23 (Apr-Mar) season starts.  End


US$1 = 74.50 rupees


Edited by Avishek Dutta


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Source: Cogencis

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