Informist, Monday, Jul 17, 2023
By Sayantan Sarkar
MUMBAI – Prices of sugar remained flat in the key markets of north India and Maharashtra owing to lack of fresh triggers, dealers said.
Mills in north India had raised prices on Thursday due to firm demand in the region. However, compared to the previous day, sugar prices in the north were flat today, said Naresh Gupta, a local trader. There is lack of demand too, which is limiting the upward momentum in sugar prices, he said.
There are no triggers for prices currently in the sugar market, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices may come down by 5–10 rupees in the next few days because of poor demand, he said.
India is the world’s second-largest producer of sugar and a major player in the global export market.
Following are highlights of the sugar trade in the domestic market today:
–Flat at 3,580-3,640 rupees per 100 kg in Muzaffarnagar
–Flat at 3,762-3,822 rupees per 100 kg in Mumbai
–Flat at 3,600-3,655 rupees per 100 kg in Kolhapur
At 1807 IST, the October sugar futures contract on the Intercontinental Exchange was trading at 23.96 cents per pound, 1.5% lower than the previous close.
Sugar prices fell today, tracking a sharp fall in prices of crude oil. Lower crude prices drag down sugar as it discourages mills to divert more sugarcane towards the production of ethanol, increasing supply of the sweetener. End
Edited by Rajeev Pai
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