Informist, Wednesday, Sep 7, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar in all key wholesale markets of north India rose further due to firm demand amid lower supply, while those in Maharashtra were flat because of parity between demand and supply, dealers said.
* “Mills across north India tend to sell out the sweetener gradually on expectations of robust demand ahead of the festival season,” said Naresh Gupta, a trader in Delhi.
* However, demand for the sweetener in Maharashtra is likely to be tepid ahead of Pitru Paksha from Saturday to Sep 25. This may result in a fall of 5-10 rupees per 100 kg in prices after two-three days, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Demand may improve once Pitru Paksha, a 16–day period when Hindus pay homage to their ancestors, is over, Kuvadia said.
* Following are the highlights of the sugar trade in domestic markets:
(Changes in price per 100 kg)
–Up 20 rupees at 3,490-3,530 rupees in Muzaffarnagar
–Up 10-15 rupees at 3,430-3,4565 rupees in Delhi
–Flat at 3,430-3,490 rupees in Kolhapur
–Flat at 3,522-3,662 rupees in Mumbai
* On the Intercontinental Exchange, the price of raw sugar was up 0.4% at 18.05 cents per pound due to concerns related to the weather in Europe.
* Above-normal temperatures are expected across Europe next week, and may lead to prolonged drought. This may affect yields and reduce sugar production in the 2022-23 marketing year, website Barchat said, citing a forecast by Maxar Technologies. End
Edited by Avishek Dutta
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