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Tuesday, December 5, 2023

India Sugar: Flat; down on ICE tracking losses in crude oil prices

Informist, Thursday, Apr 20, 2023


By Arunima Bharadwaj


NEW DELHI – Ex-mill prices of sugar were unchanged today in the key wholesale markets of north India and Maharashtra due to lack of any fresh triggers, dealers said.


However, prices are expected to fall amid rising selling pressure amongst traders in the market as the month is near its end, said Mukesh Kuvadia, a Mumbai-based dealer.


During Oct 1-Apr 15, mills in the country produced 31.1 mln tn of sugar, down 5.4% from the corresponding period of last year, according to the latest data released by the India Sugar Mills Association.


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

–Flat at 3,440-3,510 rupees per 100 kg in Muzaffarnagar

–Flat at 3,490-3,535 rupees per 100 kg in Delhi

–Flat at 3,470-3,655 rupees per 100 kg in Kolhapur

–Flat at 3,630-3,742 rupees per 100 kg in Mumbai


Prices are expected to show a downward trend in the following days due to low demand after the end of festival season, said Naresh Gupta, a local dealer from Uttar Pradesh.


On the Intercontinental Exchange, the most-active May contract of raw sugar was down 0.1% at 24.35 cents per pound at 1334 IST. 


Sugar prices 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 the sugar supply. 


Earlier, the government had increased monthly sales limit for April by 200,000 tn to 2.4 mln tn. The addition in the monthly sales limit has been announced in the wake of rising sugar prices amid lower production.


Dealers expect the government to increase its monthly sales quota for the month of May.


Meanwhile, sugar production in Brazil rose by 5.2% on year to 33.72 mln tn in Oct-Mar, according to a report by UNICA last week.  End


Edited by Manisha Baxla


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Source: Cogencis

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