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Saturday, January 28, 2023

India Sugar: Falls in markets; down on ICE on Brazil’s high output

Informist, Wednesday, Jan 4, 2023


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell further in key markets of India today due to sluggish demand, dealers said.


* “Prices fell further as demand failed to pick up amid cold waves in north India,” said Naresh Gupta, an Uttar Pradesh-based trader.


* In north India, the total fall in prices so far has been 40-50 rupees per 100 kg this month, and may go down further until cold weather conditions improve, Gupta said.


* Prices may get support in Maharashtra due to expectations of improved demand for Sankranti and Pongal, Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, said.


* Price movement, however, depends on demand, which will likely improve once temperature begins to rise from February. It also depends on India’s production and how much sugar export quota will be in the second tranche, Kuvadia said.


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

–Down 10-20 rupees at 3,380-3,460 rupees per 100 kg in Muzaffarnagar

–Down 10-20 rupees at 3,450-3,520 rupees per 100 kg in Delhi

–Down 10 rupees at 3,280-3,395 per 100 kg in Kolhapur

–Down 10 rupees at 3,452-3,612 rupees per 100 kg in Mumbai


* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.4% at 19.63 cents per pound in anticipation of higher production in Brazil, the second-largest producer after India.


* Conab, Brazil’s national agricultural agency, raised its Brazil 2022-23 sugar estimate to 36.4 mln tn from an August estimate of 33.9 mln tn.


* Weak Brazilian real also weighed on sugar prices. A weaker Brazilian real against the US dollar encourages sugar producers of Brazil to sell more of the commodity. End 


Edited by Vidhi Verma


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Source: Cogencis

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