OfBusiness Sugar Dailies

14th February’23

Price

• The lowest price for sugar is noted around ₹3362.00/Quintal, while the highest price is at ₹3810.00/Quintal.
• Sugar prices rose in most states on Monday, with a gain of 30 rupees/quintal in Maharashtra, while Karnataka saw a decline of 25 rupees/quintal.
• Raw and refined sugar futures have both strengthened in the past week, and the H/H sugar white premiums are now near 100 USD/mt.

Demand and Supply

• The domestic market witnessed moderate demand on Monday.
• Sugar imports in Bangladesh have become more expensive, with prices rising from $430-450 per tonne to $510-530 per tonne.

News

• Bajaj Hindusthan Sugar Ltd reported a consolidated net loss of Rs 58.36 crore in Q3 of the current fiscal year due to higher expenses.
• Nitin Gadkari suggests ethanol pumps in villages can transform the economy. He praises Uttar Pradesh’s CM and believes investment in e-mobility could help achieve PM Modi’s ‘Aatm Nirbhar Bharat’ vision and alleviate poverty.

OFB’s Opinion

• The expected trading range for sugar will be bearish in most areas, and prices are still expected to remain high in various parts of the world.