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Tuesday, January 31, 2023

India Sugar: Extends gains in north, down on ICE on improved supply

Informist, Friday, Jan 13, 2023

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar rose in the key markets of north India today as most mills have exhausted two-thirds of their monthly sales quota. Prices were flat in the markets of Maharashtra, dealers said.

 

* The government has set the limit for sale of sugar by mills in January at 2.2 mln tn.

 

* Prices may start getting further support as demand is seen improving on account of the wedding season from next week, said Naresh Gupta, an Uttar Pradesh-based trader. Prices have fallen by 120-150 rupees per 100 kg in the past one and a half months.

 

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

 

* Demand for the soft commodity is seen improving as temperatures start rising from February, Kuvadia said. 

 

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

–Up 20-40 rupees at 3,390-3,470 rupees per 100 kg in Muzaffarnagar

–Up 20-40 rupees at 3,460-3,510 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 down 0.1% at 19.58 cents per pound as supply prospects in key producing countries continued to improve, though rising oil prices limited the downtrend.

 

* Dealers said that good rains in top producer Brazil suggest a possible early start to the new harvest. Additionally, the Brazilian government’s fuel policy is set to prompt sugar mills to produce sugar instead of ethanol. 

 

* The newly formed government in Brazil has decided to extend a tax-cut measure for 60 days to keep fuel prices in check.  End

 

Edited by Avishek Dutta

 

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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