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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

 

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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