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Sunday, October 2, 2022

India Sugar: Up in all mkts; dn on ICE as Brazil’s output seen rising

Informist, Monday, Aug 1, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar in all key wholesale markets of India rose today due to firm demand and low selling pressure, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* Prices in Maharashtra are likely to rise by another 20-30 rupees this week, as the August sales quota of 2.2 mln tn is seen insufficient ahead of the festival season, Kuvadia said.


* It is crucial to see whether current prices of the sweetener would be sustained once the festival season is over by mid-August, said Naresh Gupta, a trader in Delhi.


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

  (Changes in price per 100 kg)


  –Up 40-60 rupees at 3,520-3,570 rupees in Muzaffarnagar

  –Up 40-50 rupees at 3,500-3,540 rupees in Delhi

  –Up 80-100 rupees at 3,330-3,490 rupees in Kolhapur

  –Up 80-100 rupees at 3,552-3,662 rupees in Mumbai


* On the Intercontinental Exchange, the most active October contract of raw sugar was 0.3% down at 17.48 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 Avishek Dutta


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Source: Cogencis

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