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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

 

 

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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