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Tuesday, October 4, 2022

India Sugar:Up in Maharashtra as govt may issue export release orders

Informist, Thursday, Jul 21, 2022

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar rose in all key wholesale markets of Maharashtra today as the government is likely to issue export release orders for around 1.2 mln tn of the sweetener, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.

 

* The committee of secretaries met earlier this week and approved a proposal of sugar exports. The matter will now be taken up by a group of ministers for final approval.

 

* Prices, however, were flat in north India today because there were no fresh triggers, said Naresh Gupta, a trader in Delhi. “Demand is limited, and things are likely to remain like this till the Kanwar Yatra goes on until Jul 27,” Gupta said. “It will depend on whether pressure builds up then.”

 

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

  (Changes in price per 100 kg)

  –Flat at 3,430-3,460 rupees in Muzaffarnagar

  –Flat at 3,450-3,535 rupees in Delhi

  –Up 5 rupees at 3,340-3,380 rupees in Kolhapur

  –Up 5 rupees at 3,480-3,586 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar was down 0.8% at 18.52 cents per pound as mills in Brazil are likely to increase production of the sweetener.

 

* “We almost certainly need mills in Centre-South Brazil to make maximum sugar from now on, so the ethanol parity ceases to be a driver of the sugar price,” UK-based brokerage house Marex Spectron said in a report.  End

 

US$1 = 79.95 rupees

 

Edited by Avishek Dutta

 

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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Source: Cogencis

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