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India Sugar: Up in north India; falls in Maharashtra on weak demand

Informist, Friday, Dec 2, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar rose in key wholesale markets of north India today due to firm demand amid the beginning of a new month, said Uttar Pradesh-based trader Naresh Gupta.


* Some mills have increased prices amid robust demand for the sweetener ahead of the wedding season, Gupta said.


* Prices fell in Maharashtra due to higher selling pressure and sluggish demand during winter, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.


* Demand from soft drink companies and ice-cream makers declines during winter.


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 0.9% at 19.44 cents per pound tracking losses in crude oil contracts on the NYMEX.


* Fall in crude oil prices prompts sugar mills in Brazil, the second-largest producer of sugarcane, to divert more cane towards sugar production rather than ethanol.


* Prices of sugar declined further due to India’s likely higher output in the first two months of 2022-23 season. The Indian Sugar Mills Association today said that the country’s mills produced 4.79 mln tn sugar in Oct-Nov, slightly higher than the 4.72 mln tn produced in the year-ago period. End


Edited by Akul Nishant Akhoury


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Source: Cogencis

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