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Monday, December 5, 2022

India Sugar: Rises in north on improved demand; up on ICE

Informist, Monday, Sep 12, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar in all key wholesale markets of north India rose due to an improvement in demand amid lower supply, while those in Maharashtra were flat because of parity between demand and supply, dealers said.


* “Prices across north India are seen increasing further on expectations of a firm demand ahead of the festival season,” said Naresh Gupta, a trader in Delhi.


* However, demand for the sweetener in Maharashtra is likely to be tepid amid Pitru Paksha that will end on Sep 25. This may result in a fall of 5-10 rupees per 100 kg in prices of sugar in the coming days, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* Pitru Paksha is a 16–day period when Hindus pay homage to their ancestors.


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

  (Changes in price per 100 kg)

  –Up 10-15 rupees at 3,500-3,550 rupees in Muzaffarnagar

  –Up 10-15 rupees at 3,440-3,47- rupees in Delhi

  –Flat at 3,440-3,490 rupees in Kolhapur

  –Flat at 3,552-3,656 rupees in Mumbai


* On the Intercontinental Exchange, price of raw sugar was up 0.2% at 18.26 cents per pound due to strong Brazilian real against the US dollar, which makes the commodity cheaper for overseas buyers, boosting demand. The Brazilian real is the official currency of Brazil.


* Higher crude oil prices also supported the rise in the sweetener prices as strength in crude oil prices benefits ethanol by prompting sugar mills across top producer Brazil to produce more ethanol than sugar.  End


US$1 = 79.52 rupees


Edited by Deepshikha Bhardwaj



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Source: Cogencis

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