Informist, Tuesday, May 9, 2023
By Sayantan Sarkar
MUMBAI – Ex-mill prices of sugar were down in key wholesale markets of north India today, while prices remained flat in Maharashtra, dealers said.
Sugar prices fell by 5–10 rupees in west Uttar Pradesh due to subdued demand. India is the second-largest sugar producer in the world, 35% of which is consumed domestically. The rest is used for industrial purposes.
Sugar prices are likely to remain range-bound in Maharashtra, said Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association.
According to media reports, the Centre is set to ban sugar exports amid lower production in the country. However, with the export quota set at 6.1 mln tn for 2022-23 (Oct–Sep), and 5.8 mln tn so far dispatched, there is hardly 300,000 tn left in the quota. And in view of lower production, the market was not expecting any additional export quota, said Kuvadia.
Following are the highlights of sugar trade in the domestic market:
–Down 5 rupees at 3,545-3,555 rupees per 100 kg in Muzaffarnagar
–Flat at 3,525-3,545 rupees per 100 kg in Kolhapur
–Flat at 3,425-3,450 rupees per 100 kg in Mumbai
The July futures contract of sugar on the Intercontinental Exchange was 1.2% higher at $26.41 per pound as concerns about tight supplies in India, Thailand, China and the European Union lifted sentiments among investors. End
Edited by Tanima Banerjee
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