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Thursday, October 6, 2022

India Sugar: Falls in north on weak demand; down on ICE

Informist, Wednesday, Aug 3, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell across north India due to poor demand, while they were flat in Maharashtra, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association. 


* “There are less customers in the market despite many festivals being lined up this month… Mills reduced sugar prices today, so that they could sell,” said Delhi-based trader Naresh Gupta.


* Prices in Maharashtra had gone up by 100 rupees after the government released the monthly sales quota for August. They have now stabilised as the government has extended the previous month’s sales quota till Aug 31, Kuvadia said.


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

  (Changes in price per 100 kg)

  –Down 10-20 rupees at 3,500-3,540 rupees in Muzaffarnagar

  –Down 10-20 rupees 3,470-3,515 rupees in Delhi

  –Flat at 3,330-3,490 rupees in Kolhapur

  –Flat at 3,552-3,662 rupees in Mumbai


* On the Intercontinental Exchange, the most-active October contract of raw sugar was down 0.6% at 17.59 cents per pound as Brazil cut petrol prices for the second time in two weeks. 


* This will put pressure on ethanol prices and might prompt sugar mills in Brazil to switch to more sugarcane crushing than ethanol, boosting sugar production. Brazil is the world’s top producer of the sweetener. End


Edited by Namrata Rao



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Source: Cogencis

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