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India Sugar: Down in north India; falls on ICE taking cue from crude

Informist, Wednesday, Dec 7, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell in key markets of north India and Kolhapur, but were unchanged in Mumbai due to demand-supply parity, dealers said.


* Mills across west Uttar Pradesh continued to cut prices due to increased selling pressure and sluggish demand. Prices may decline further in anticipation of lower demand from soft drink and ice cream makers, local trader Naresh Gupta said.


* Ample supply and moderate demand will likely keep prices flat in Delhi this month, said Nitin Durga, a Delhi-based dealer.


* In Maharashtra, prices are seen falling by 5-10 rupees per 100 kg in the next 8-10 days because of poor demand. Prices may improve as demand gathers pace next month, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.


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

–Down 10 rupees per 100 kg at 3,480-3,570 rupees per 100 kg in Muzaffarnagar

–Down 10-20 rupees per 100 kg at 3,650-3,700 rupees per 100 kg in Delhi

–Down 5 rupees per 100 kg at 3,370-3,475 rupees per 100 kg in Kolhapur

–Unchanged at 3,532-3,642 rupees per 100 kg in Mumbai


* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.4% at 19.32 cents per pound, tracking fall in contracts on NYMEX.


* Fall in crude oil prices prompts sugar mills in Brazil to divert more sugarcane towards production of sugar than ethanol.


* Likely higher sugar production in Brazil also weighed on prices. In 2022-23, sugar output of Brazil, the second-largest producer after India, is seen 0.3% higher at nearly 32 mln tn, financial services provider StoneX said last week. End


Edited by Ashish Shirke


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Source: Cogencis

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