Informist, Tuesday, Oct 11, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar declined in all key wholesale markets across north India today because of higher selling pressure and relatively lower demand ahead of Diwali, dealers said.
* Sales have been affected due to consistent rainfall over the past four to five days. Therefore, mills lowered prices slightly, said Naresh Gupta, a trader based in Uttar Pradesh.
* Mills fear that they will not be able to meet their monthly sales quota for October if demand from industrial buyers remains limited. It is, however, too soon to predict, Gupta said.
* In Maharashtra, some mills reduced prices of inferior quality sugar by 5-10 rupees per 100 kg. Overall, prices in the state were mostly unchanged, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Following are the highlights of sugar trade in domestic markets:
–Down 10 rupees at 3,500-3,550 rupees in Muzaffarnagar
–Down 10-15 rupees at 3,510-3,585 rupees in Delhi
–Flat at 3,420-3,465 rupees in Kolhapur
–Flat at 3,548-3,646 rupees in Mumbai
* Meanwhile, the most-active March contract of raw sugar on the Intercontinental Exchange was down 1.2% at 18.38 cents per pound due to expectations of higher output in Brazil, the top producer, in the 2023-24 marketing year.
* In Central and southern regions of Brazil, sugar output in 2023-24 is seen rising 5.7% year-on-year to 35.2 mln tn, while the global sugar market is expected to have a surplus of 3.9 mln tn in the new season due to robust production in Asia and Brazil, broker and analyst StoneX said. End
Edited by Avishek Dutta
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