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India Sugar: Falls in north; down on ICE as Brazil may raise output

Informist, Monday, Jul 25, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar in the key wholesale markets of north India declined today due to weak purchasing power, said Naresh Gupta, a Delhi-based trader.


* “Selling pressure on some mills is rising ahead of July-end, but purchasing power is still relatively lower. Hence, they have reduced prices to exhaust their monthly sales quota,” 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 move upward or downward by 5-10 rupees per 100 kg next week in Maharashtra. However, it is difficult to predict the movement as mills are waiting for government to release the August sales quota, Kuvadia said.


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

  (Changes in price per 100 kg)

  –Down 10-20 rupees at 3,430-3,480 rupees in Muzaffarnagar

  –Down 10-20 rupees 3,450-3,515 rupees in Delhi

  –Flat at 3,330-3,380 rupees in Kolhapur

  –Flat at 3,495-3,586 rupees in Mumbai


* On the Intercontinental Exchange, the most-active October contract of raw sugar was down 0.5% at 17.80 cents per pound as a fall in ethanol prices in Brazil may lead mills in the central and southern regions of the country to switch to sugar production, dealers said.


* Rabobank said in a report that ethanol parity had fallen to 16.3 cents per pound due to upcoming tax changes which will lower petrol prices. End



Edited by Tanima Banerjee



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Source: Cogencis

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