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India Sugar: Flat across markets; rises on ICE tracking crude cues

Informist, Tuesday, Jan 10, 2023

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar were flat in the key markets of India today as mills bought the commodity as per their requirement, dealers said.

 

* “Demand is not so poor not so firm, but it may improve in coming days for Makar Sankranti and as the wedding season begins after Jan 15,” said Naresh Gupta, an Uttar Pradesh-based trader. This may push up prices slightly, he said.

 

* However, prices are unlikely to improve in Maharashtra as demand is seen to be affected amid cold weather conditions in parts of Maharashtra, Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, said.

 

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

–Flat at 3,360-3,430 rupees per 100 kg in Muzaffarnagar

–Flat at 3,430-3,470 rupees per 100 kg in Delhi

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

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

 

* On the Intercontinental Exchange, the most active March contract of raw sugar was up 1.1% at 19.38 cents per pound tracking gains on crude oil contracts on NYMEX. 

 

* Higher crude prices benefit ethanol prices and prompt sugar mills across Brazil to divert more cane towards ethanol production rather than sugar, curbing sugar supplies.

 

* Last week, the India Sugar Mills Association reported that India’s sugar production for 2022-23 season during Oct-Dec rose 3.7% on year to 12.1 mln tn. This has weighed on prices of the soft commodity. India is the world’s second-largest sugar exporter.

 

* Brazilian government agency Conab on Dec 27 hiked its Brazil 2022-23 sugar production estimate to 36.4 mln tn from an August estimate of 33.9 mln tn. End

 

Edited by Maheswaran Parameswaran

 

 

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. 2023. All rights reserved.

 

Source: Cogencis

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