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
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