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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

 

 

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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