Informist, Tuesday, May 24, 2022
By Puja Das
NEW DELHI – The ex-mill prices of sugar in key markets of north India declined further today due to a lack of fresh triggers and rising selling pressure on mills.
* Prices have fallen as mills have to meet their May sales quota of 2.25 mln tn set by the government, up from 2.20 mln tn in April, said Sharad Gupta, a trader in Delhi, adding that prices may go down by another 15-20 rupees per 100 kg this month.
* In Maharashtra, however, prices of sugar were flat because there was sufficient supply to meet demand, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.
* Prices are unlikely to change from the current levels unless selling pressure increases on mills across Maharashtra, Kuvadia said. Prices may fall by 15-20 rupees per 100 kg when the southwest monsoon arrives and demand for cold drinks and ice cream drops, he said.
* Following are the highlights of the sugar trade in the domestic market:
(Changes in price per 100 kg)
–Down 15-20 rupees at 3,435-3,470 rupees in Muzaffarnagar
–Down 15-20 rupees at 3,660-3,720 rupees in Delhi
–Flat at 3,320-3,380 rupees in Kolhapur
–Flat at 3,480-3,675 rupees in Mumbai
* On the Intercontinental Exchange, the most-active July contract of raw sugar was up 1.0% at 19.96 cents per pound due to improved sentiment in the wider financial markets.
* Fears of top producer Brazil increasing ethanol output this season at the expense of sugar also supported the rise in prices of the sweetener, dealers said.
End
Edited by Michael Correya
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