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India Sugar: Down in north; ICE futures fall as output seen higher

Informist, Friday, Jun 10, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar were down today in key wholesale markets of north India due to poor offtake and higher production in the ongoing season, said a Delhi-based trader Naresh Gupta.

 

* Prices of the sweetener, however, remained flat in markets of Maharashtra because of demand-supply parity, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.

 

* Not much activity is expected next week onwards in Maharashtra due to monsoon rains, Kuvadia said. 

 

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

  (Changes in price per 100 kg)

  –Down 20 rupees at 3,450-3,525 rupees in Muzaffarnagar

  –Down 10-15 rupees 3,480-3,540 rupees in Delhi

  –Unchanged at 3,320-3,375 rupees in Kolhapur

  –Unchanged at 3,480-3,582 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active July contract of raw sugar was down 0.6% at 19.18 cents per pound due to estimates of larger crop in India and Thailand.

 

* A proposal in Brazil to eliminate taxes on fuels may make mills produce more sugar than ethanol, which is likely to weigh on sugar prices, dealers said.  End

 

US$1 = 77.83 rupees

 

Edited by Vandana Hingorani

 

 

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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