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Monday, October 3, 2022

India Sugar: Unchanged; falls on ICE on India nod to export more

Informist, Monday, Aug 8, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar were flat in all key wholesale markets of India today because of a parity in demand and sales, dealers said.


* “Not much demand is there due to wet weather conditions despite festivals being lined up this month. Buyers are purchasing as per their requirements as they fear that the sweetener would catch moisture amid heavy monsoon rainfall in Maharashtra,” said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.


* Prices in Maharashtra may increase after Aug 20 because of likely improved demand ahead of Ganesh Chaturthi, Kuvadia said.


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

  (Changes in price per 100 kg)

  –Flat at 3,500-3,530 rupees in Muzaffarnagar

  –Flat at 3,465-3,510 rupees in Delhi

  –Flat at 3,420-3,480 rupees in Kolhapur

  –Flat 3,510-3,672 rupees in Mumbai


* On the Intercontinental Exchange, the most-active October contract of raw sugar was 0.6% lower at 17.83 cents per pound as India has given the nod to export another 1.2 mln of the sweetener, taking the total amount for the sugar season to 11.2 mln tn.


* Since Jun 1, Indian government has restricted the export of raw and refined sugar to 10 mln tn to ensure availability of the sweetener in the domestic market and to curb the rise in prices. End


Edited by Namrata Rao



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Source: Cogencis

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