Informist, Wednesday, Mar 22, 2023
By Afra Abubacker
MUMBAI – Ex-mill prices of sugar rose today in key markets of north India due to firm demand, dealers said. In Maharashtra, the top producer of the sweetener, markets were shut on account of Gudi Padwa.
Markets in Maharashtra will reopen on Thursday, but those in Mumbai will reopen on Friday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
–Up 10–15 rupees at 3,375-3,435 rupees per 100 kg in Muzaffarnagar
–Up 10–15 rupees at 3,425-3,475 rupees per 100 kg in Delhi
–Prices unavailable for Kolhapur
–Price unavailable for Mumbai
At 1607 IST, the most-active May contract of raw sugar was up 1.3% at 21.07 cents per pound on the Intercontinental Exchange due to low production in India because of excess rainfall. Concerns over the possibility of El Nino occurrence and heavy rains in Brazil also supported sugar prices.
According to Indian Sugar Mills Association, India produced 28.2 mln tn of sugar during Oct 1-Mar 15, 1% lower than the year-ago period. During the same period, Maharashtra’s sugar production declined 6.5% on year to 10.2 mln tn.
The drop in sugar production in Maharashtra was due to lower sugarcane yield and sugar recovery after heavy rainfall in September, Kuvadia said. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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.
Informist Media Tel +91 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
Discussion about this post