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India Sugar: Down in north; gains on ICE on India’s cap on exports

Informist, Wednesday, May 25, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar in key markets of north India declined further today due to lukewarm demand and rising selling pressure on mills.

 

* Mills have reduced prices as they have to meet their May sales quota of 2.25 mln tn set by the government, up from 2.20 mln tn in April, said Sharad Gupta, a trader in Delhi, adding that prices might go down by another 20-25 rupees per 100 kg this month.

 

* In Maharashtra, however, prices were flat as there was sufficient supply to meet demand, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association. Prices are unlikely to change from current levels unless selling pressure increases on mills across Maharashtra, Kuvadia said. The last three days of the month would be crucial, he added.

 

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

  (Changes in price per 100 kg)

  –Down 10-20 rupees at 3,425-3,450 rupees in Muzaffarnagar

  –Down 10-20 rupees at 3,650-3,700 rupees in Delhi

  –Flat at 3,320-3,380 rupees in Kolhapur

  –Flat at 3,480-3,675 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active July contract of raw sugar was up 0.2% at 19.78 cents per pound because of restrictions on sugar exports for the first time in six years.

 

* The government has restricted exports of sugar in 2021-22 (Oct-Sep) at 10 mln tn, effective Jun 1, to ensure domestic availability and price stability in local markets.  End

 

US$1 = 77.53 rupees

 

Edited by Avishek Dutta

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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