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India Sugar: Flat across all markets, hits nearly 2-week high on ICE

Informist, Wednesday, Aug 10, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar were flat in all key wholesale markets of India today because of parity between demand and sales, said Delhi-based trader Naresh Gupta.

 

* Demand is unlikely to improve as markets across north India will be shut till Monday on account of Raksha Bandhan and Independence Day, Gupta said.

 

* Prices in Maharashtra may increase 10-30 rupees per 100 kg after Aug 20 because of likely higher demand ahead of Ganesh Chaturthi, Kuvadia said.

 

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

  (Changes in price per 100 kg)

  –Flat at 3,520-3,550 rupees in Muzaffarnagar

  –Flat at 3,465-3,510 rupees in Delhi

  –Flat at 3,430-3,460 rupees in Kolhapur

  –Flat 3,552-3,622 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar hit a nearly two-week-high of 18.23 cents per pound, up 1.4% from the previous close, due to concerns over lower output amid dry weather in top producer Brazil, dealers said.

 

* Some regions of Brazil have not received any rains in the past two and a half months.  End

 

Edited by Avishek Dutta

 

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