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India Sugar: Rises in key markets on firm demand ahead of festivals

Informist, Wednesday, Oct 11, 2023

 

By Taniva Singha Roy

 

MUMBAI – Ex-mill prices of sugar rose in key markets of Uttar Pradesh and Maharashtra due to firm demand ahead of the festival season, said traders. 

 

In Uttar Pradesh, sugar prices increased by 30-40 rupees per 100 kg for the second consecutive day after the government released the sales quota for mills for the second tranche of October on Tuesday.

 

Naresh Gupta, a local dealer in north India, said that the first tranche of sugar sales quota for October could not be lifted completely due to limited time, and with no extension, he feels that the second tranche is too less to meet demand for the rest of the month.

 

Whereas, prices of the sweetener in Maharashtra have gone up by 20 rupees per 100 kg today due to firm demand from stockists and consumers. The market appears to be bullish for the rest of the month, said Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association. 

 

Furthermore, the goods and services tax on molasses has plummeted to 5% from 28%, but it will not affect prices of sugar, said traders.

 

The following are highlights of the sugar trade in the domestic market today:

-Up 20 rupees at 3,882-3,992 rupees per 100 kg in Mumbai

-Up 20 rupees at 3,730-3,790 rupees per 100 kg in Kolhapur

-Up 30-40 rupees at 3,800-3,900 rupees per 100 kg in Muzaffarnagar

-Up 30-40 rupees at 3,820-3,920 rupees per 100 kg in Kanpur

 

On the Intercontinental Exchange, the March sugar contract was at 26.87 cents per pound, down 0.7% from the previous close. 

 

Sugar prices fell today on the international market, tracking losses in crude oil. Lower crude oil prices discourage higher diversion of sugarcane towards the production of ethanol, which increases the supply of the sweetener.  End 

 

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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