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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

 

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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