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Wednesday, December 7, 2022

India Sugar: Unavailable in Maharashtra, up on ICE on short covering

Informist, Tuesday, Oct 25, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar were unavailable in key wholesale markets of Maharashtra amid a two-day closure of markets on account of Diwali, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.


* Markets in Uttar Pradesh were partly open, and prices were unchanged from Friday due to a parity between demand and supply, local trader Naresh Gupta said.


* In Uttar Pradesh, prices are seen to move upwards or downwards by 10-15 rupees per 100 kg from the current level depending on demand and selling pressure, Gupta said.


* Trade in Maharashtra will resume on Wednesday.


Following are the highlights of sugar trade in domestic markets:

  –Unchanged at 3,490-3,545 rupees per 100 kg in Muzaffarnagar

  –Unchanged at 3,505-3,570 rupees per 100 kg in Delhi

  –Unavailable in Kolhapur

  –Unavailable in Mumbai


* The most-active March contract of raw sugar on the Intercontinental Exchange was up 0.2% at 18.17 cents per pound as investors covered short positions after a recent fall.


* A likely drop in output in Brazil, the top producer, amid heavy rainfall also supported the market sentiment.


* In the central and southern regions of Brazil, 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 Vidhi Verma


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Source: Cogencis

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