India Sugar: Dn in Muzaffarnagar on undercutting by mills; up on ICE

Informist, Wednesday, Apr 27, 2022

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar were down in key wholesale markets of Muzaffarnagar in Uttar Pradesh today, while they were flat in Maharashtra and Delhi, due to a lack of fresh triggers, dealers said.

* “Most mills have exhausted their April sales quota. Those which haven’t decreased their prices to exhaust their quota today,” said Naresh Gupta, a Delhi-based dealer.

* Mills are waiting for the government to announce sales quota for May. They expect a higher release due to soaring temperature, which increases demand for soft-drinks and ice-creams, and thus sugar, Gupta said.

* Following are the highlights of sugar trade in the domestic market:

(Changes in price per 100 kg)

–Down 15-20 rupees at 3,575 rupees in Muzaffarnagar

–Flat at 3,500 rupees in Delhi

–Flat at 3,340-3,480 rupees in Kolhapur

–Flat at 3,482-3,680 rupees in Mumbai

* On the Intercontinental Exchange, the most active July contract of raw sugar was up 1.2% at 19.15 cents per pound, tracking gains in crude oil. Rising energy prices may prompt sugarcane mills in Brazil, the top producer, to produce more ethanol and less sugar. Ethanol is a cane-based biofuel. End

Edited by Deepshikha Bhardwaj

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