India Sugar: Up in north; down on ICE tracking losses in crude

Informist, Friday, Mar 24, 2023

By Afra Abubacker

MUMBAI – Ex-mill prices of sugar rose today in the key markets of north India, while they were flat in Maharashtra, dealers said. 

Prices rose today as demand has picked up with the start of Ramadan, said Naresh Gupta, an Uttar Pradesh-based trader.

Sugar prices in Maharashtra remained unchanged today due to a lack of fresh triggers in the market, 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 3,390-3,450 rupees per 100 kg in Muzaffarnagar

–Up 10–15 rupees at 3,440-3,490 rupees per 100 kg in Delhi

–Flat at 3,310-3,390 rupees per 100 kg in Kolhapur

–Flat at 3,441-3,601 rupees per 100 kg in Mumbai

AT 1445 IST, the most-active May contract of raw sugar on the Intercontinental Exchange was down 0.1% at 20.86 cents per pound.  

Sugar futures on the ICE fell today, tracking losses in crude oil prices. A fall in crude prices prompts mills in Brazil to divert less sugarcane for ethanol production, which is likely to boost sugar supply. 

Higher sugar production in Brazil also weighed on prices. Sugar production in the south-central region, the country’s key producing region, rose 4.5% on year to 33.5 mln tn as of Mar 1, according to a UNICA report released on Mar 13.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Maheswaran Parameswaran

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Source: Cogencis