India Sugar: Up as most mills meet Mar sales quota; ICE prices rise

Informist, Monday, Mar 27, 2023

By Afra Abubacker

MUMBAI – Ex-mill prices of sugar in key wholesale markets across India rose today as most mills have exhausted their March sales quotas, dealers said.

Sugar prices rose today due to firm demand and lower supply. Only four days are left for the month-end and mills have largely met their monthly sales quotas, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

The government is expected to release the April sales quota between Mar 30 and 31, said Naresh Gupta, an Uttar Pradesh-based trader. 

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

–Up 20–30 rupees at 3,410-3,470 rupees per 100 kg in Muzaffarnagar

–Up 20–30 rupees at 3,460-3,510 rupees per 100 kg in Delhi

–Up 5 rupees at 3,315-3,395 rupees per 100 kg in Kolhapur

–Up 5 rupees at 3,451-3,611 rupees per 100 kg in Mumbai

At 1553 IST, the most-active May contract of raw sugar on the Intercontinental Exchange was up 0.86% at 21 cents per pound. The gains were tracking a rise in crude oil contracts on the NYMEX.

A rise in crude oil prices prompts sugar mills in Brazil, the second-largest producer of sugarcane, to divert less cane towards production of sugar and more towards ethanol.  End

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

Edited by Avishek Dutta

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Source: Cogencis