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India Sugar:Up in north; falls on ICE on rising Brazil, India output

Informist, Thursday, Jun 16, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar rose today in key wholesale markets of north India due to improved demand and low selling pressure, said Delhi-based trader Naresh Gupta.

 

* “Prices have risen 50-60 rupees per 100 kg so far this month, and are expected to go up further on expectations of robust demand amid low selling pressure. However, it is crucial to see how the monsoon impacts demand,” Gupta said.

 

* However, in Maharashtra, prices of the sweetener remained flat because of a balance between selling pressure and demand, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.

 

* Any change in prices is unlikely until the monsoon arrives in Maharashtra next week. With the arrival of the monsoon, demand may get hit slightly, resulting in a price drop of 5-10 rupees per 100 kg, Kuvadia said.

 

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

  (Changes in price per 100 kg)

  –Up 5-10 rupees at 3,470-3,510 rupees in Muzaffarnagar

  –Up 10-15 rupees at 3,470-3,520 rupees in Delhi

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

  –Flat at 3,502-3,586 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar was down 0.4% at 18.52 cents per pound because of improving production outlook for the ongoing season in India and Brazil, the world’s top two producers, dealers said.

 

* Lower export demand from Brazil also weighed on the prices. End

 

US$1 = 78.07 rupees

 

Edited by Namrata Rao

 

 

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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