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Thursday, September 29, 2022

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



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Source: Cogencis

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