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India Sugar: Flat ahead of weekend, falls on ICE on profit booking

Friday, Jun 14, 2019

 

By Preeti Bhagat

 

NEW DELHI – Prices of medium-grade sugar in wholesale markets of India were unchanged today in subdued trading ahead of the weekend, traders said.

 

"Demand is not there right now yet prices are stable but the main problem of excess stock still remains… the government's job is now to bring about a balance in the market, only then prices will become better and the problem of cane arrears will be solved," said Naresh Gupta, a Delhi-based trader.

 

Sugar surplus in the country is seen at a record high of about 16.5 mln-18.5 mln tn for next season.

 

On ICE Futures US, the most active October contract of raw sugar was last at 12.90 cents per pound, down 0.1% from the previous close. The fall in prices was because investors booked profits after the contract hit a seven-week high of 12.94 cents per pound in early trade today.

 

 

A rise in sugar production in the world's largest producer is also keeping sentiment weak. Mills in Brazil's Centre-South region produced nearly 1.86 mln tn sugar during the second fortnight of May, up 38.6% from 1.34 mln tn in the year-ago period, the country's sugarcane industry association, known by its Portuguese acronym UNICA, said in a report.

 

"Demand on whites is still slack and perhaps still suffering from the usual 'Damocles sword' of Indian exports of lower quality whites. We expect the whites premium to continue to shrink as a result," Sucden Financial said in a report.

 

Following are today's prices for medium-grade sugar, in rupees per 100 kg, in key wholesale markets, and the change from the previous close:

 

MARKET

PRICE

CHANGE

Delhi

3,270

0

Mumbai

3,405

0

Muzaffarnagar3,2700
Kolhapur3,3180

 

End

 

Edited by Akul Nishant Akhoury

 

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This copy was first published on the Cogencis WorkStation

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