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Tuesday, January 31, 2023

India Sugar: Rises in north as demand improves; up on ICE

Informist, Thursday, Jan 12, 2023


By Puja Das


NEW DELHI – Ex-mill prices of sugar rose in key markets of north India today due to improved demand ahead of Makar Sankranti. Prices were flat in the markets of Maharashtra, dealers said.


* “In north India, some mills increased prices as there was a good demand at Wednesday’s rate,” said Naresh Gupta, an Uttar Pradesh-based trader.


* The prices may start getting support from now on as demand is seen improving on account of wedding season from next week, Gupta said. The prices fell by 120-150 rupees per 100 kg in the past one and a half months.


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


* Demand is likely to gather pace from February when temperature begins rising, Kuvadia said.


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

–Up 10 rupees at 3,370-3,430 rupees per 100 kg in Muzaffarnagar

–Up 10 rupees at 3,440-3,470 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 0.2% at 19.68 cents per pound, tracking crude oil contracts on the NYMEX. A rise in crude prices pushes sugar mills to divert more cane towards ethanol production, which in turn makes sugar costlier.


* 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 weighed on prices of the soft commodity. India is the world’s second-largest sugar exporter.


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


Edited by Manisha Baxla


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Source: Cogencis

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