Informist, Thursday, Sep 28, 2023

By Sayantan Sarkar

NEW DELHI – Ex-mill prices of sugar were flat today in key markets of the country due to lack of fresh triggers, said traders. 

The prices are likely to remain in the current range without further upside in the next few weeks. The government has taken several measures to ensure that sugar prices in the country remain under check during the festival season in October.  

The government had last week set sugar sales quota for October at 1.3 mln tn in the first tranche, which the mills have to meet before Oct 10. Further, it has asked sugar traders, retailers, wholesalers, big chain retailers, and processors to disclose stock positions every Monday in a bid to monitor prices.

Sugar is a highly regulated commodity in the country, and India is also one of the top exporters of the commodity in the global markets.

The following are highlights of the sugar trade in the domestic market today:

-Flat at 3,880-3,952 rupees per 100 kg in Mumbai

-Flat at 3,730-3,780 rupees per 100 kg in Kolhapur

-Flat at 3,760-3,840 rupees per 100 kg in Muzaffarnagar

-Flat at 3,800-3,860 rupees per 100 kg in Kanpur

On the Intercontinental Exchange, the March sugar contract was at 26.39 cents per pound, up 0.1% from the previous close. Sugar prices were slightly higher today as the dollar fell against a basket of major currencies. 

A weaker dollar makes commodities priced in the greenback cheaper for holders of other currencies, thereby boosting demand.  End 

US$1 = 83.19 rupees

Edited by Manisha Baxla

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