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India Sugar: Flat in Maharashtra; down on ICE on strong dollar

Informist, Monday, Aug 14, 2023

 

By Sayantan Sarkar

 

NEW DELHI – Prices of sugar were steady in the key markets of Maharashtra today due to lack of fresh triggers, dealers said. 

 

Prices have been flat for the last few days as the market is waiting for further cues. 

 

However, with the recent government's notification, making it mandatory for mills across the country to sell at least 90% of their monthly sales quota, supply is likely to be higher than usual. This may check prices from rising much this month, according to dealers. 

 

Sugar is a highly regulated commodity in India as it is widely consumed across the country. 

 

India is the world's second-largest producer of sugar and a major player in the global market. However, exports of sugar have remained restricted by the government due to concerns over lower production of the sweetener in the next season (Oct-Sep). 

 

Following are highlights of the sugar trade in the domestic market today:

–Flat at 3,780-3,850 rupees per 100 kg in Mumbai

–Flat at 3,640-3,702 rupees per 100 kg in Kolhapur

 

At 1905 IST, the October sugar futures contract on the Intercontinental Exchange was at 24.11 cents per pound, down 0.9% from the previous close.

 

Prices have been under pressure today due to a sharp rise in the dollar against major currencies. A stronger dollar makes commodities priced in the greenback more expensive for overseas buyers, thereby limiting demand. 

 

Additionally, prices were down as production from Brazil, the top producer, is seen rising this year. The International Sugar Organization expects Brazil's supply to be adequate for the global sugar market for the next three months.

 

Furthermore, Brazil's production is seen at 38 mln tn and exports are seen at 28 mln tn for 2023-24, the International Sugar Organization said in its report on Thursday.  End 

 

Edited by Maheswaran Parameswaran

 

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Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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