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Saturday, February 4, 2023

India Sugar: Rises in north India; ICE down on profit booking

Informist, Thursday, Dec 1, 2022


By Ashtha Tiwari


NEW DELHI – Ex-mill prices of sugar rose by 5 rupees per 100 kg in the key markets of north India today due to a surge in demand from millers, said Naresh Gupta, Uttar Pradesh-based trader.


* However, with winter just around the corner, demand for sugar is likely to decline in the coming weeks. 


* Crushing of sugar will start in full swing by mid-December, Gupta said.


* In Maharashtra, prices were unchanged as demand is usually sluggish in winters, for instance there is less demand for cold drinks, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* In the coming week, there will be an absence of selling pressure and prices of sugar can be either 10 rupees up or down per 100 kg, Kuvadia said.


Following are the highlights of sugar trade in the domestic market:

–Up 5 rupees per 100 kg at 3,530-3,600 rupees per 100 kg in Muzaffarnagar

–Up 5 rupees per 100 kg at 3,585-3,635 rupees per 100 kg in Delhi

–Flat at 3,395-3,480 rupees per 100 kg in Kolhapur

–Unchanged at 3,552-3,672 rupees per 100 kg in Mumbai


* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.3% at 19.57 cents per pound as investors booked profits after the recent rise in price. On Wednesday, the March contract was at over a week high at 19.94 cents per pound.  End


Edited by Manisha Baxla


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Source: Cogencis

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