Home Commodity Market News India Sugar: Rebounds in north as mills exhaust Dec sales quota

India Sugar: Rebounds in north as mills exhaust Dec sales quota

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Informist, Tuesday, Dec 27, 2022

 

By Puja Das

 

NEW DELHI – After falling sharply over the last fortnight, ex-mill prices of sugar rebounded today in the key markets of north India as most mills have exhausted their monthly sales quota for December, dealers said.

 

* In the past 15 days, prices have declined by 120-130 rupees per 100 kg, which was unexpected, said Uttar Pradesh-based trader Naresh Gupta. 

 

* Prices rose today as selling pressure on mills has reduced, and they are waiting for the next month’s quota release.

 

* The government had set December sales quota for mills at 2.2 mln tn. The market is anticipating January sales quota to be around 2.15-2.20 mln tn, Kuvadia said.

* The market sentiment is better today. Predicting prices is difficult for the remaining days of the month, Gupta said.

 

* “In north India, prices are seen going up by 25-30 rupees from the first week of January as demand is likely to improve ahead of Sankranti, Pongal and the beginning of the wedding season,” Gupta said.

 

* “Demand is seen declining as temperature in Maharashtra and Gujarat has started falling. This will weigh on prices in coming days,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

* Movement in domestic prices will depend on the sales quota for January, which is likely to be announced on Friday or Saturday.

 

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

–Up 20-30 rupees at 3,420-3,510 rupees per 100 kg in Muzaffarnagar

–Up 10-20 rupees at 3,485-3,545 rupees per 100 kg in Delhi

–Unchanged at 3,360-3,400 per 100 kg in Kolhapur

–Unchanged at 3,582-3,622 rupees per 100 kg in Mumbai

 

* Prices on the Intercontinental Exchange were unavailable as the exchanged was shut on account of Boxing Day holiday. End

 

Edited by Maheswaran Parameswaran

 

 

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Source: Cogencis

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