Informist, Monday, Oct 9, 2023
By Sayantan Sarkar
MUMBAI – Ex-mill prices of sugar in key markets of north India rose today on lower availability of good quality sweetener, traders said.
In north India, prices rose today as the quality of the present stock wasn’t good, Naresh Gupta, a local trader said.
The government today released the second tranche of sugar sales quota for mills, which is set at 1.5 mln tn for October, the department of food and public distribution said via the social media platform, X.
The government also said that there will be no extension to meet the first tranche of sales quota for sugar mills. The sales quota of 1.3 mln tn was set as part of a first tranche, which the mills had to meet by Tuesday.
The sales quota for the rest of the month was fixed today, ahead of festivals such as Dussehra and Navaratri. The country usually sees a spurt in demand for sugar during this time of the year, which is why the government wants adequate supply in the domestic market. With this, the total sales quota for sugar stands at 2.8 mln tn for the whole of October.
Sugar is a highly regulated commodity in India and the country is one of the top exporters of the sweetener.
The following are highlights of the sugar trade in the domestic market today:
-Flat at 3,880-3,952 rupees per 100 kg in Mumbai
-Flat at 3,730-3,780 rupees per 100 kg in Kolhapur
-Up 15-20 rupees at 3,750-3,800 rupees per 100 kg in Muzaffarnagar
-Up 15-20 rupees at 3,780-3,900 rupees per 100 kg in Kanpur
On the Intercontinental Exchange, the March sugar contract was at 26.85 cents per pound, up 0.3% from the previous close.
Sugar prices rose today, tracking gains in crude oil. As crude gains, it encourages more diversion of sugarcane towards the production of ethanol, thereby reducing the supply of the sweetener, and boosting sentiment. End
US$1 = 83.26 rupees
Edited by Manisha Baxla
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