Informist, Friday, Sep 30, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar were steady in key wholesale markets of India today because of parity between demand and supply, dealers said.
* “Mills have exhausted their sales quota for the ongoing month, and any movement in prices is likely after the government releases next month’s sales quota on Friday,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Demand is expected to improve from Monday, ahead of Dussehra and Diwali, Kuvadia said.
Following are the highlights of sugar trade in domestic markets:
–Flat at 3,490-3,530 rupees in Muzaffarnagar
–Flat at 3,440-3,540 rupees in Delhi
–Flat at 3,420-3,460 rupees in Kolhapur
–Flat at 3,556-3,632 rupees in Mumbai
* The price of raw sugar on the Intercontinental Exchange was up 0.3% at 17.82 cents per pound due to concerns over supply shortage.
* In Central and southern regions of Brazil, top producer, sugar output in September was seen down 8.4% on year at 24.6 mln tn, UNICA, Brazil’s sugarcane industry association, reported.
* However, the supply situation is likely to improve in the 2022-23 marketing year.
* The global sugar market is expected to have a surplus of 3.9 mln tn in the new season as robust production in Asia and Brazil will offset concerns related to Europe and China, broker and analyst StoneX said. End
Edited by Arshad Hussain
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