Informist, Friday, Jul 29, 2022

By Kavita Desai

MUMBAI – Ex-mill prices of sugar rose in all key wholesale markets of India today due to improved demand and low selling pressure, said market participants.

* Prices in Kolhapur and Mumbai rose by 15-20 rupees per kg today in anticipation of further rise in prices ahead of festival season, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

* Prices also gained as mills expect sales quota for August would be insufficient, said traders.

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

  (Changes in price per 100 kg)

  --Up 10-15 rupees at 3,450-3,490 rupees in Muzaffarnagar

  --Up 10-15 rupees at 3,450-3,490 rupees in Delhi

  --Up 15-20 rupees at 3,345-3,385 rupees in Kolhapur

  --Up 15-20 rupees at 3,506-3,622 rupees in Mumbai

* On the Intercontinental Exchange, the most active October contract of raw sugar was up 0.2% at 17.75 cents per pound due to short covering by investors after a recent sharp fall.

* On Wednesday, the contract had hit a one-year low of 17.32 cents per pound on expectations of higher production in the centre-south region of Brazil during the first half of July.

* Sugar production by mills in Brazil's centre-south region was a tad lower on year at 2.97 mln tn during Jul 1-15, UNICA, the country's sugarcane industry association, said in a report. The output was 2.98 mln tn a year ago.  End

Edited by Shirsha Thakur

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