Informist, Wednesday, Dec 14, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell further in the key markets of north India because of poor demand and excess supply, said dealers.
* Some mills that had cut prices on Tuesday maintained the same levels today, while others reduced prices amid rising selling pressure, Uttar Pradesh-based dealer Naresh Gupta said.
* “Demand is not picking up as compared to the supply flow in the market. Demand may improve during Christmas. However, there may not much impact on prices,” Gupta said.
* Prices in Delhi are likely to fall further by another 40-50 rupees this month, said Sharad Gupta, a local dealer.
* In Maharashtra, prices are likely to remain flat or move slightly lower despite improved demand from bakers and cake makers, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
–Down 10 rupees per 100 kg at 3,450-3,540 rupees per 100 kg in Muzaffarnagar
–Down 20 rupees per 100 kg at 3,480-3,540 rupees per 100 kg in Delhi
–Unchanged at 3,360-3,410 rupees per 100 kg in Kolhapur
–Unchanged at 3,536-3,636 rupees per 100 kg in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.6% at 19.65 cents per pound in anticipation of higher sugar output in Brazil, the second-largest producer. Brazil’s sugar production in 2022-23 is seen rising 2.8% on year to 32.9 mln tn, said Brazil’s sugarcane industry association UNICA.
* The European Association of Sugar Manufacturers has said that the European Union is likely to produce 15.5 mln tn of sugar in the 2022-23 marketing year, down 7% on year. End
Edited by Avishek Dutta
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