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India Sugar: Down in north; rises on ICE as Brazil’s output seen low

Informist, Wednesday, Jul 13, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar fell in the key wholesale markets of north India today due to higher selling pressure and lower demand amid the ongoing monsoon season, a Delhi-based trader Naresh Gupta said. 

 

* Buyers avoid making large purchases and stocking up the sweetener during this time as they fear that rains may cause moisture in sugar. This may weigh on prices further, Gupta said.

 

* However, prices were flat in Maharashtra due to parity between sales and demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

* “Prices are likely to remain range-bound as household demand will also fall in a few days.” Kuvadia said.

 

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

  (Changes in price per 100 kg)

  –Down 5-10 rupees at 3,415-3,440 rupees in Muzaffarnagar

  –Down 5-10 rupees 3,440-3,505 rupees in Delhi

  –Flat at 3,320-3,370 rupees in Kolhapur

  –Flat at 3,480-3,572 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar was 0.6% higher at 18.77 cents per pound as top producer Brazil’s output estimates declined 3.8% from a year ago at 2.1 mln tn. End

 

 

Edited by Maheswaran Parameswaran

 

 

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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