Informist, Friday, Dec 16, 2022
By Ashtha Tiwari
NEW DELHI – Ex-mill prices of sugar fell in the key markets of the country due to weak demand, said dealers.
* Prices in Delhi fell by 20 rupees per 100 kg because demand is not gathering pace, a Delhi-based dealer Sharad Gupta said.
* Traders said the overall sentiment for sugar is down due to stagnant demand.
* Mills are eager to sell the stock as sugar prices are falling sharply. “They want to liquidate their obligation for the month at the earliest,” Uttar Pradesh-based dealer Naresh Gupta said.
* In Maharashtra, prices fell today due to weak demand. There is still time for Christmas and improved demand from bakers and cake makers does not affect the sugar prices much, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in the domestic market:
–Down 5-10 rupees at 3,290-3,410 rupees per 100 kg in Kolhapur
–Down 5-10 rupees per 100 kg at 3,502-3,632 rupees per 100 kg in Mumbai
–Down 20 rupees per 100 kg at 3,340-3,390 rupees per 100 kg in Delhi
–Down 25 rupees at 3,511-3,611 rupees per 100 kg in Muzaffarnagar
* On the Intercontinental Exchange, the most-active March contract of raw sugar rose 0.2% to 20.02 cents per pound as production is seen falling in Thailand and India.
* Barchart reported on Thursday there was a delay in Thailand’s sugar harvest for this season. Also, India’s Sugar Mills Association said on Wednesday that mills were diverting 4.5-5.0 mln tn of sugarcane for ethanol production in 2022-23.
* India’s food secretary on Thursday said the country would consider allowing additional sugar exports in January. India is the world’s second-largest sugar exporter. End
Edited by Akul Nishant Akhoury
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