Informist, Tuesday, Nov 29, 2022
By Ashtha Tiwari
NEW DELHI – Ex-mill prices of sugar in the key markets of north India rose by 15-20 rupees per 100 kg today as mills have exhausted their monthly sales quota, Uttar Pradesh-based trader Naresh Gupta said.
* As mills have exhausted their monthly sales quota, there is lack of supply, which resulted in higher demand.
* The food ministry had allocated 2.2 mln tn monthly sugar quota for November. It was 0.05 mln tn lower than the quantity allocated in November 2021, which was 2.25 mln tn.
* Prices remained unchanged in Maharashtra due to a parity between supply and demand, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.
* Prices are likely to be steady until the government releases the monthly sales quota for December, said Kuvadia.
* The sales quota will be out on Wednesday. The market estimates the sales quota for December at 2.2 mln tn, unchanged from November.
Following are the highlights of sugar trade in domestic markets:
--Up 15-20 rupees per 100 kg at 3,515-3,590 rupees per 100 kg in Muzaffarnagar
--Up 20 rupees per 100 kg at 3,570-3,620 rupees per 100 kg in Delhi
--Flat at 3,395-3,480 rupees per 100 kg in Kolhapur
--Unchanged at 3,552-3,672 rupees per 100 kg in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 1% at 19.18 cents per pound.
* The fall in prices is due to the increased production in Brazil, the second-largest producer after India. Brazil's sugarcane industry association UNICA said in its November report that sugar production is seen at 32.0 mln tn in 2022, compared with 31.8 mln tn last season. End
Edited by Akul Nishant Akhoury
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Informist, Tuesday, Nov 29, 2022
By Ashtha Tiwari
NEW DELHI – Ex-mill prices of sugar in the key markets of north India rose by 15-20 rupees per 100 kg today as mills have exhausted their monthly sales quota, Uttar Pradesh-based trader Naresh Gupta said.
* As mills have exhausted their monthly sales quota, there is lack of supply, which resulted in higher demand.
* The food ministry had allocated 2.2 mln tn monthly sugar quota for November. It was 0.05 mln tn lower than the quantity allocated in November 2021, which was 2.25 mln tn.
* Prices remained unchanged in Maharashtra due to a parity between supply and demand, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.
* Prices are likely to be steady until the government releases the monthly sales quota for December, said Kuvadia.
* The sales quota will be out on Wednesday. The market estimates the sales quota for December at 2.2 mln tn, unchanged from November.
Following are the highlights of sugar trade in domestic markets:
--Up 15-20 rupees per 100 kg at 3,515-3,590 rupees per 100 kg in Muzaffarnagar
--Up 20 rupees per 100 kg at 3,570-3,620 rupees per 100 kg in Delhi
--Flat at 3,395-3,480 rupees per 100 kg in Kolhapur
--Unchanged at 3,552-3,672 rupees per 100 kg in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 1% at 19.18 cents per pound.
* The fall in prices is due to the increased production in Brazil, the second-largest producer after India. Brazil's sugarcane industry association UNICA said in its November report that sugar production is seen at 32.0 mln tn in 2022, compared with 31.8 mln tn last season. End
Edited by Akul Nishant Akhoury
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. 2022. All rights reserved.
