India is the world's second-largest producer of sugar and a significant exporter. Sugar prices in north India increased slightly today as mills increased selling prices, according to dealers. Maharashtra's prices remained stable.
Sugar Pricing
According to Naresh Gupta, a north-Indian sugar supplier, mills in the region raised prices today in response to strong demand.
Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, claimed that there are no price triggers in the sugar market. Prices may fall by 5-10 rupees in the coming days due to a fall in demand, according to Kuvadia.
The highlights of today's domestic sugar market are as follows:
-In Muzaffarnagar, prices are up 5 to 10 rupees at 3,580-3,640 rupees per 100 kg.
-In Mumbai, flat at 3,762–3,822 rupees per 100 kg.
-In Kolhapur, flat at 3,600-3,655 rupees per 100 kg.
The Intercontinental Exchange's October sugar futures contract was trading at 24.08 cents per pound at 1707 IST, up 0.7% from the previous close.
Due to a decrease in the dollar index, sugar prices increased today. A declining dollar makes goods priced in dollars more affordable for owners of other currencies, which increases demand.
Ethanol Production For A Blend
According to a report by the research firm BMI, the government's plan to divert more sugarcane toward the production of ethanol to blend with petrol in order to lessen the nation's reliance on oil imports has led to a likely decline in India's sugar exports in recent years.
The government intends to blend 20% ethanol into petrol by 2025. According to the US Department of Agriculture, the country currently blends ethanol at a rate of 11.5%.
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