Informist, Tuesday, Jun 6, 2023
By Sayantan Sarkar
MUMBAI – Ex-mill prices of sugar remained flat in key markets of the country today as supply and demand w balanced, said traders.
Sugar prices have been in a thin band in Indian markets for the past few weeks as it is a lean season with no festivals and weddings to generate higher demand.
The government has recently announced the June sales quota for mills, which was above market expectations. Sales quota for June was set at 2.35 mln tn last week, while traders had expected it to be around 2.25-2.30 mln tn as demand tends to suffer during this period of time.
Meanwhile, the India Meteorological Department today said that a depression, which is likely to intensify into a cyclonic storm over southeast Arabian Sea on Wednesday is expected to critically impact the onset of southwest monsoon over Kerala coast. However, the bureau did not specify the scale of the impact.
Sugarcane is a water-intensive crop and deficient rainfall over major growing states could affect sowing of the crop, and thereby impact production of the sweetener.
Following are the highlights of sugar trade in the domestic market today:
–Flat at 3,550-3,635 rupees per 100 kg in Muzaffarnagar
–Flat at 3,562-3,692 rupees per 100 kg in Mumbai
–Flat at 3,480-3,540 rupees per 100 kg in Kolhapur
At 1819 IST, the July futures contract of sugar on the Intercontinental Exchange was up 0.5% at 24.50 cents per pound. Prices rose today after falling for five straight trading days.
The global sugar market remains bearish due to expectation of higher supply from Brazil, the largest producer of the sweetener in the world, followed by India. End
US$1 = 82.60 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Vidhi Verma
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