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India Sugar: Flat; up on ICE as Brazil’s output estimates low

Informist, Thursday, Jun 30, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar were flat across key wholesale markets as almost all mills have exhausted their June sales quota and demand remained weak amid monsoon showers today, traders said.

 

* “There is no supply, and demand is also subdued as it is raining across north India. Hence, there is not much movement,” Delhi-based trader Naresh Gupta said.

 

* The market is waiting for the release of next month’s sale quota, Gupta added.

 

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

  (Changes in price per 100 kg)

  –Flat at 3,428-3,490 rupees in Muzaffarnagar

  –Flat at 3,415-3,465 rupees in Delhi

  –Flat at 3,315-3,365 rupees in Kolhapur

  –Flat at 3,480-3,557 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar rose 0.9% at 18.67 cents per pound as top producer Brazil’s output estimates declined 3.8% from a year ago at 2.1 mln tn.

 

* Additionally, global shares and oil prices rose following China’s move to ease quarantine requirements for international arrivals. This led to expectations of stronger global growth for the sweetener, the website Brecorder said in a note. China is one of the top producers. End

 

 

Edited by Namrata Rao

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

 

Source: Cogencis

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