Informist, Thursday, Aug 4, 2022

By Puja Das

NEW DELHI – Ex-mill prices of sugar were down today in all the key wholesale markets because of weak offtake, said Naresh Gupta, a trader in Delhi.

* "There are less customers in the market despite many festivals being lined up this month...Mills reduced sugar prices today, so that they could sell," Gupta said.

* Prices are seen moving up or down 20-30 rupees per 100 kg from the current levels in Maharashtra for the next one week, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.

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

  (Changes in price per 100 kg)

  --Down 5-10 rupees at 3,500-3,530 rupees in Muzaffarnagar

  --Down 5-7 rupees 3,465-3,510 rupees in Delhi

  --Down 5 rupees at 3,460-3,495 rupees in Kolhapur

  --Down 5 rupees at 3,522-3,622 rupees in Mumbai

* On the Intercontinental Exchange, the most-active October contract of raw sugar was down 0.3% at 17.73 cents per pound as Brazil cut petrol prices for the second time in two weeks. 

* This will put pressure on ethanol prices and might prompt sugar mills in Brazil to switch to more sugarcane crushing than ethanol, boosting sugar production. Brazil is the world's top producer of the sweetener.

End

Edited by Michael Correya

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