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Wednesday, December 7, 2022

India Sugar:Dn in Muzaffarnagar, dn on ICE as govt sets export quota

Informist, Monday, Nov 7, 2022

 

By Ashtha Tiwari 

 

NEW DELHI – Ex-mill prices of sugar were steady in the key wholesale markets of the country, except Muzaffarnagar, due to lack of fresh triggers, Naresh Gupta, a local trader, said.

 

* Prices are expected to fall in the coming week as new arrivals have started hitting  markets of Uttar Pradesh, Gupta said.

 

* In Maharashtra, movement of prices in the near term will depend on availability of  sugar stocks, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

Following are the highlights of sugar trade in domestic markets:

–Down 25-30 rupees at 3,480-3,561 rupees per 100 kg in Muzaffarnagar

–Unchanged at 3,580-3,700 rupees per 100 kg in Delhi

–Unchanged at 3,400-3,465 rupees per 100 kg in Kolhapur

–Unchanged at 3,542-3,656 rupees per 100 kg in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.5% at 18.62 cents per pound as the Indian government’s announcement on sugar export quota for 2022-23 (Oct-Sep) weighed on global sentiments.

 

* On Saturday, the Centre had released mill-wise sugar sales quota at 6 mln tn for the ongoing season as per the industry expectations.

 

* According to Indian Sugar Mills Association, the sugar industry expects the government to allow export of additional 3 mln tn of sugar, ensuring steady domestic prices.  End

 

 

Edited by Tanima Banerjee

 

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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