India Sugar: Flat in key mkts; down on ICE as firm dollar hits demand

Informist, Friday, Jul 21, 2023

By Sayantan Sarkar

NEW DELHI – Prices of sugar in the key markets of north India and Maharashtra remained flat today due to lack of fresh triggers, dealers said.

The government had asked sugar mills across the country to submit their sales data by Thursday, according to a notification by the Food and Public Distribution Department. The department asked mills to furnish their domestic sales data to ensure accuracy and compliance with stockholding limits.

India is the world’s second-largest producer of sugar and a major player in the global export market.

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

–Flat at 3,625-3,680 rupees per 100 kg in Muzaffarnagar

–Flat at 3,762-3,822 rupees per 100 kg in Mumbai

–Flat at 3,600-3,655 rupees per 100 kg in Kolhapur

At 1827 IST, the October sugar futures contract on the Intercontinental Exchange traded at 24.40 cents per pound, down 1.2% from the previous close. Sugar prices fell as the dollar rose against major currencies. A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies, thereby limiting demand.  End

Edited by Ashish Shirke

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Source: Cogencis