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India Sugar: Rises in key markets as mills quote higher prices

Informist, Thursday, Oct 12, 2023

 

By Taniva Singha Roy

 

MUMBAI – Ex-mill prices of sugar rose in key markets of Uttar Pradesh as mills quoted higher prices. In Maharashtra, price of the sweetener increased as demand picked up ahead of festivals, said traders.

 

Price of the commodity has been raised by sugar mills after the government released second tranche of the sales quota, as it may not be enough to meet demand during the upcoming festivals, Naresh Gupta, a local dealer, said.

 

The first tranche of the sugar sales quota for October, which was 1.3 mln tn, could not be lifted completely due to limited time and no extension, the dealer said.

 

In Maharashtra, sugar prices rose by 20 rupees per 100 kg because of firm demand in view of the festival season and as consumers are prepared to buy at these levels, said Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association.

 

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

-Up 20 rupees at 3,902-4,012 rupees per 100 kg in Mumbai

-Up 20 rupees at 3,750-3,810 rupees per 100 kg in Kolhapur

-Up 10-20 rupees at 3,810-3,920 rupees per 100 kg in Muzaffarnagar

-Up 10-20 rupees at 3,830-3,950 rupees per 100 kg in Kanpur

 

On the Intercontinental Exchange, the March sugar contract was at 26.54 cents per pound, up 0.5% from the previous close. Prices rose tracking gains in crude oil. Higher crude oil prices encourage sales of sugarcane for the production of ethanol, which decreases sugar supply.  End

 

Edited by Ashish Shirke

 

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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Source: Cogencis

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