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India Sugar: Gains in all markets on firm demand ahead of festival

Informist, Friday, Jul 29, 2022


By Kavita Desai


MUMBAI – Ex-mill prices of sugar rose in all key wholesale markets of India today due to improved demand and low selling pressure, said market participants.


* Prices in Kolhapur and Mumbai rose by 15-20 rupees per kg today in anticipation of further rise in prices ahead of festival season, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* Prices also gained as mills expect sales quota for August would be insufficient, said traders.


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

  (Changes in price per 100 kg)


  –Up 10-15 rupees at 3,450-3,490 rupees in Muzaffarnagar

  –Up 10-15 rupees at 3,450-3,490 rupees in Delhi

  –Up 15-20 rupees at 3,345-3,385 rupees in Kolhapur

  –Up 15-20 rupees at 3,506-3,622 rupees in Mumbai


* On the Intercontinental Exchange, the most active October contract of raw sugar was up 0.2% at 17.75 cents per pound due to short covering by investors after a recent sharp fall.


* On Wednesday, the contract had hit a one-year low of 17.32 cents per pound on expectations of higher production in the centre-south region of Brazil during the first half of July.


* Sugar production by mills in Brazil’s centre-south region was a tad lower on year at 2.97 mln tn during Jul 1-15, UNICA, the country’s sugarcane industry association, said in a report. The output was 2.98 mln tn a year ago.  End


Edited by Shirsha Thakur


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Source: Cogencis

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