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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

 

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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

 

Source: Cogencis

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