Renewed demand sweetens sugar
Sugar prices gained by ₹10 a quintal at mill level thereby lifting spot and naka rates by same margin on Wednesday. Renewed demand from local retailers at Vashi and bulk demand at mill level arrested the decline seen in recent days. Freight rates were steady. Arrivals-local dispatches remained at par keeping market inventory stable at 110-115 truck loads.
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Jaggery producers to compete with sugar mills to buy early cane
Encouraged by a sharp increase in realisation through last year, jaggery manufacturing units (termed kolhus) say they’re equipped for a price battle with sugar mills on sugarcane purchase. Sugar mills in Uttar Pradesh and Maharashtra, the top two producing states, have announced an early start to crushing this year (the sugar season begins October 1).
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A 50 year old cane order enforced in UP; Maharashtra millers mum
Even as sugar mills from Uttar Pradesh have paid Rs 342 crore as interest on delayed cane payment in 2016-17, their counterparts in Maharashtra will have to pay interest on delayed cane payment from the 2017-18 crus hing season.
Though, farmer organisations call this to be a major achievement, Maharashtra sugar mills think that, this provision, existing in the Act for past 51 years, will not be implemented even this year.
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Sugar climbs after large October raw delivery
Sugar futures on ICE rose to a technical resistance level on Monday, in contrast to the sharply lower move in larger commodity markets amid a firm U.S. dollar, as traders covered short positions following a large delivery of raws. The 19-market Thomson Reuters CoreCommodity Index dropped 1.2 percent to a three-week low.
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Sugar Futures Higher Following Bulk Delivery
Sugar futures rose Monday following a 1 million ton sugar delivery against the October contract, a sign of last resort, according to traders who say the market is oversold. Raw sugar for March was up 1.9% at 14.36 cents a pound on the ICE Futures U.S. exchange.
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ISMA may transport molasses from Uttar Pradesh to Tamil Nadu
Sugar industry body ISMA is considering transporting excess molasses in the mills of Uttar Pradesh to those in Tamil Nadu, where a drought-hit sugarcane crop is threatening to keep sugar mills and their ancillary units idle and deepen losses. Molasses, an end-product of the sugar refining process, is processed to make ethanol and spirit, among other products.
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Sugar prices to remain firm on tight stock position: ICRA
Sugar prices are likely to remain firm due to tight stock situation despite increase in sugar production, ICRA said in a report.
“Despite increase in sugar production, the same would at best be at the same level as our estimate of consumption of around 24.5–25.0 million tonne in SY2018 (sugar year).Thus, the low closing stock levels of sugar in the domestic market are likely to support the sugar prices in the near term,” ICRA Ratings Senior Vice President and Group Head Sabyasachi Majumdar said.
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Sugar spot prices rise on festive demand
Sugar spot prices increased by Rs 30 per quintal at the wholesale market in the national capital today following immense buying in view of ongoing festive season.
On the other hand, sugar mill gate prices remained mixed.
Marketmen said heavy buying by retailers and bulk consumers such as soft-drink, ice-cream and sweet makers mainly pushed up sugar spot prices. However, mill gate prices showed a mixed trend with the moderate rise in some of the mills prices, while a few mills prices remained lower on adequate availabilities, they said.
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Commodities Buzz: Raw Sugar Futures Test Five Week Low
Global Raw sugar futures dropped below 14 cents a pound to test their five week low after data showed that output in Brazils key Centre South region rebounded and markets continued to eye. a hefty harvest in India.
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Sugar prices at mill declines
Sugar prices at mill level declined by ₹10 a quintal but at Vashi ruled steady except fair quality s-grade which was sold ₹10-15 lower on Thursday. Naka rates were steady. Due to last moment higher demand for Dussehra, local dispatches remained at par with arrivals. Volume at mill level slightly improved as mills sold commodity lower rates to match stock limits put by government sometimes back. Morale was steady said sources.
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