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India Sugar: Down; ICE at 3-month high on likely lower Brazil output

Informist, Wednesday, Oct 12, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell today in all key wholesale markets of India, except Mumbai, because of increased selling pressure and lower demand, dealers said.


* Sales have been affected due to patchy rains over the past one week. Mills have, therefore, lowered prices slightly, said Naresh Gupta, a trader based in Uttar Pradesh.


* Mills fear they will not be able to meet their monthly sales quota for October if demand from industrial buyers remains low given the weather conditions. It is, however, too soon to predict, Gupta said.


* In Maharashtra, festival demand is likely to improve from the coming week, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


Following are the highlights of sugar trade in domestic markets:

  –Down 10 rupees at 3,490-3,540 rupees in Muzaffarnagar

  –Down 10-15 rupees at 3,500-3,570 rupees in Delhi

  –Down 5-10 rupees at 3,410-3,460 rupees in Kolhapur

  –Flat at 3,548-3,646 rupees in Mumbai


* Meanwhile, the most-active March contract of raw sugar on the Intercontinental Exchange hit a three-month high of 18.94 cents per pound, up 1% from the previous close, due to a likely drop in production in Brazil amid heavy rainfall.


* In central and southern regions of Brazil, the top producer, sugar output in the second half of September is estimated to be 27% lower on year at 1.7 mln tn, website NASDAQ said in a note.


* However, mills across Brazil will resume processing the sugarcane crop as dry weather starts covering most of the central and southern regions, dealers said.


* Investors believe Indian mills will take advantage of higher global prices to boost exports, they said. End


Edited by Ashish Shirke


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Source: Cogencis

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