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Monday, December 5, 2022

India Sugar: Flat as govt sets Nov sugar sale quota lower

Informist, Monday, Oct 31, 2022

 

By Ashtha Tiwari

 

NEW DELHI – Ex-mill prices of sugar were steady in the key wholesale markets of the country as there was no selling pressure in view of the government’s announcement of sales quota for November.

 

* The government has set a lower sales quota for mills at 2.2 mln tn for November against 2.35 mln tn in October. Last year, the sales quota for November was 2.25 mln tn.

 

* The lower sales quota is in view of export restrictions to contain rise in domestic prices following record exports.

 

* A few mills in Uttar Pradesh increased prices by 10-20 rupees per 100 kg. However, new mills are running late and hence good quality arrivals are in shortage, said Naresh Gupta, a trader based in Uttar Pradesh. Prices in central Uttar Pradesh have risen by 50 rupees per 100 kg, he said.

 

* After a week, prices are expected to fall as arrivals will increase, consumption will fall, and there will be pressure on sales, Uttar Pradesh based trader said.  

 

* Prices were steady in Maharashtra due to fall in demand as there are no festivals in November, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

* Prices are stable for now due to sufficient sugar sales quota, Kuvadia said. He expects prices to rise or fall by 10-20 rupees per 100 kg in the coming week. 

 

Following are the highlights of sugar trade in domestic markets:

–Up 5-10 rupees at 3,500-3,570 rupees per 100 kg in Muzaffarnagar

–Unchanged at 3,530-3,576 rupees per 100 kg in Delhi

–Unchanged at 3,400-3,470 rupees per 100 kg in Kolhapur

–Up 5-10 rupees at 3,542-3,652 rupees per 100 kg in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract of raw sugar was at 17.74 cents per pound, up just 0.1% from the previous close, due to prospects of higher output of the sweetener globally.

 

* International Sugar Organization has projected global sugar production in 2022-23 to rise 4.5% to a five-year high of 181.9 mln tn.  End

 

Edited by Ashish Shirke

 

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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Source: Cogencis

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