Informist, Tuesday, Aug 30, 2022

By Puja Das

NEW DELHI – Ex-mill prices of sugar were flat in all key wholesale markets of India today because of parity between demand and supply, dealers said.

* "Almost all mills in Maharashtra have exhausted their sales quota for August. A few remaining mills have increased price by 5-10 rupees per 100 kg depending upon quality of the sweetener," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

* Mills are waiting for the next month's sales quota. In September, price movement will depend on demand and sales quota that is likely to be higher at 2.3 mln tn ahead of the festival season, Kuvadia said.

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

  (Changes in price per 100 kg)

  --Flat at 3,480-3,530 rupees in Muzaffarnagar

  --Flat at 3,420-3,475 rupees in Delhi

  --Flat at 3,430-3,480 rupees in Kolhapur

  --Flat at 3,560-3,642 rupees in Mumbai

* On the Intercontinental Exchange, the most active October contract of raw sugar was down 0.5% at 18.34 cents per pound as exports of the sweetener by top producer Brazil increased.

* Exports of raw sugar by Brazil went up 30% on year at 150,580 tn in August, data from the country's trade ministry showed.

* Around 86 vessels are currently loading 3.6 mln tn raw sugar at Brazilian ports, according to website NASDAQ, which quoted data from shipping agency Williams. End

Edited by Deepshikha Bhardwaj

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