Informist, Friday, Feb 3, 2023
By Puja Das
NEW DELHI - Ex-mill prices of sugar were unchanged across most key domestic markets today, dealers said.
* "Prices in Maharashtra stabilised after rising 50-60 rupees per 100 kg in the past two days amid sluggish demand," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Mills across the state adjusted their short positions over the past two days after a steep fall in prices last month. Prices might go up as temperature rises and demand improves, Kuvadia said.
* In north India, prices are seen increasing from mid-February when manufacture of cold drinks and ice cream makers picks up, said Uttar Pradesh-based trader Naresh Gupta.
Following are the highlights of sugar trade in the domestic market:
--Unchanged at 3,400-3,460 rupees per 100 kg in Muzaffarnagar
--Unchanged at 3,460-3,500 rupees per 100 kg in Delhi
--Unchanged at 3,350-3,440 rupees per 100 kg in Kolhapur
--Unchanged at 3,482-3,632 rupees per 100 kg in Mumbai
* At 1650 IST, the most-active March contract of raw sugar on the Intercontinental Exchange was down 0.1% at 21.63 cents per pound, tracking a fall in crude oil contracts on NYMEX. Fall in crude prices prompts sugar mills in Brazil to divert more sugarcane towards production of sugar than ethanol.
* The Indian Sugar Mills Association has lowered its estimate for India's sugar output in the season started October to 34 mln tn from 36.5 mln tn. This has led to supply concerns among global investors and limited the downside. India is the second-largest exporter of sugar after Brazil. End
Edited by Vandana Hingorani
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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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Informist, Friday, Feb 3, 2023
By Puja Das
NEW DELHI - Ex-mill prices of sugar were unchanged across most key domestic markets today, dealers said.
* "Prices in Maharashtra stabilised after rising 50-60 rupees per 100 kg in the past two days amid sluggish demand," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Mills across the state adjusted their short positions over the past two days after a steep fall in prices last month. Prices might go up as temperature rises and demand improves, Kuvadia said.
* In north India, prices are seen increasing from mid-February when manufacture of cold drinks and ice cream makers picks up, said Uttar Pradesh-based trader Naresh Gupta.
Following are the highlights of sugar trade in the domestic market:
--Unchanged at 3,400-3,460 rupees per 100 kg in Muzaffarnagar
--Unchanged at 3,460-3,500 rupees per 100 kg in Delhi
--Unchanged at 3,350-3,440 rupees per 100 kg in Kolhapur
--Unchanged at 3,482-3,632 rupees per 100 kg in Mumbai
* At 1650 IST, the most-active March contract of raw sugar on the Intercontinental Exchange was down 0.1% at 21.63 cents per pound, tracking a fall in crude oil contracts on NYMEX. Fall in crude prices prompts sugar mills in Brazil to divert more sugarcane towards production of sugar than ethanol.
* The Indian Sugar Mills Association has lowered its estimate for India's sugar output in the season started October to 34 mln tn from 36.5 mln tn. This has led to supply concerns among global investors and limited the downside. India is the second-largest exporter of sugar after Brazil. End
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
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.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
