Dalmia Bharat Sugar surrenders raw sugar import quota.
Ram Gopal Yadav (9 years ago)

Dalmia Bharat Sugar and Industries Ltd has surrendered the quota allocated to it by the Directorate General of Foreign Trade for import of raw sugar. The mill has surrendered the quota as the quantity allocated to it was very small and thus import would be unviable. Running refineries for just seven-to-eight days of operations is not viable. Dalmia Bharat Sugar had applied for 100,000 tonne raw sugar–50,000 tonne each from the east zone and the south zone. The government considered monthly refining capacity of mills, quantity applied, and number of applications within a zone while considering requests for raw sugar import. Such a small quantity that too from two different ports would not be viable. Dalmia (Bharat Sugar) had opted out of the quota before Apr 28, and license has not been issued to it. If an pplicant fails to bring in sugar after obtaining a licence, they would have to pay a penalty of 0.5% of the value of the unutilised quota.

Sugar Up in Maharashtra on rise in demand, unchanged in north India.
Ram Gopal Yadav (9 years ago)

Prices of sugar rose in the key wholesale of markets of Maharashtra due to an increase in demand from bulk and retail buyers. Medium-grade sugar was sold up 7 rupees from previous close. Prices remained unchanged in Delhi and Muzaffarnagar amid thin trade. Demand has risen as stockists are replenishing their stocks. In Maharashtra, where prices had fallen for the past one week, demand also rose due to buying at lower price levels. Traders, however, are bearish on prices in the near-to-medium term. Demand not sustain for too long. It remains high only for this week. Prices in Maharashtra are also expected to fall as the selling pressure on mills is expected to increase once the imports come in.

Global body sees India 2017-18 cotton mill demand 5.2 million tonne, up 2%.
Ram Gopal Yadav (9 years ago)

Consumption by cotton mills in the country is seen rising 2% in 2017-18 to 5.2 million tonne, due to competitive prices for cotton yarn products. Current season, mill demand has been pegged at 5.1 million tonne. Cotton consumption in China, the largest consumer of the fibre, is seen increasing by 1% to 7.7 million tonne in 2017-18. China accounts 30% of world cotton consumption. Consumption by cotton mills in Pakistan is expected to rise by 1% to 2.3 million tonne due to new incentives for textile exports offered by the government, while demand in Bangladesh is projected to increase by 5% to 1.5 million tonne in 2017-18. The committee has increased its forecast for 2017-18 global cotton output to 23.58 million tonne, from 23.12 million tonne projected in April, as higher returns encouraged farmers to expand the area under the cotton crop. Global cotton consumption is expected to rise to 24.55 million tonne, from 24.42 million tonne in the previous month. Year-ending stocks are expected at 16.41 million tonne, against forecast of 16.55 million tonne in April. July cotton futures contract on the Intercontinental Exchange is down 0.04% at 79.4 cents a pound, while the December contract was down 0.09% at 75 cents a pound.

NCDEX coriander hits 3% lower cap on subdued demand.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander hit their 3% lower circuit on the NCDEX today because of subdued demand from domestic consumers. The fall was also triggered by a 159-tn rise in inventories at exchange accredited warehouses to 25,984 tn. On the NCDEX, the most active May contract was down 2.3% from the previous close.

NCDEX kapas, cotton oilcake down on stockists selling.
Ram Gopal Yadav (9 years ago)

The April contract of kapas fell on the NCDEX because of panic selling by stockists in anticipation of higher acreage under the crop this season. The most-active April contract of kapas on the NCDEX was down 0.8% from previous close. On the MCX, the May contract of cotton was at 20,660 rupees per bale (1bale=170kg), down 0.3%. The May contract of cottonseed oilcake, a derivative of kapas, was down 0.9% on the NCDEX. Acreage under cotton is estimated to increase this year in Gujarat and Maharashtra due to lucrative prices. In Gujarat, the largest cotton producing state, the acreage under cotton is estimated to increase by at least 5% if the initial response to seed purchase is any indication.

Pakistan to give 38,000 tonne seeds to cotton farmers.
Ram Gopal Yadav (9 years ago)

The government of Pakistan is set to distribute 38,000 tonne of certified and approved cotton seeds to the farmers across the country to enhance output. This year cotton crop production target was at 14.40 million bales (1bale=170kg) as compared to the production targets of 14.1 million bales in 2016. To achieve maximum crop output, the government ensure supply of 100% certified cotton seeds to farmers, during the current kharif season. Pakistan is the India second largest cotton export destination.

Uttar Pradesh Oct 1-May 1 sugar output 8.7 million tonne, up 28% on year.
Ram Gopal Yadav (9 years ago)

Mills across Uttar Pradesh produced 8.70 million tonne of sugar during Oct 1-May 1, up 28% from a year ago. The state had produced 6.80 million tonne sugar during the corresponding period a year ago. Mills in the state have crushed 82.04 million tonne cane so far, compared with 64.08 million tonne in the year-ago period. Average sugar recovery in Uttar Pradesh as of Monday was 10.61%, slightly higher than 10.60% a year ago. Of the 116 sugar mills in the state that started cane crushing operations this year, 102 mills have wound up the process so far. With some mills in Uttar Pradesh still operating. Market participants expect output of the sweetener in the state this season to touch an all-time high of 8.80 million tonne, surpassing the previous high of 8.47 million tonne in 2006-07.

Spot sugar prices rise on improved demand.
Ram Gopal Yadav (9 years ago)

Prices of sugar rose in the key wholesale markets of Muzaffarnagar and Mumbai, as demand for the sweetener improved at low prices, and as Stuckists sought to replenish inventories at the start of the month. In Muzaffarnagar and Delhi, sugar was sold up 10 rupees from previous close. In Mumbai, sugar was sold up 5 rupees from Monday. In Maharashtra, where prices had fallen for the last one week, demand also rose due to buying at lower price levels. In north India, soaring prices are unlikely to sustain due to record high sugar output in Uttar Pradesh. Mills across Uttar Pradesh produced 8.70 million tonne of sugar during Oct 1-May 1, up 28% from a year ago. The government had on Apr 5 allowed duty-free import of 500,000 tonne of raw sugar under the tariff rate quota. The most-active May contract was up 0.2%.

ICE raw sugar up 1% due to lower output in Brazil.
Ram Gopal Yadav (9 years ago)

Futures contracts of raw sugar on the ICE rose over 1% due to a decline in production in Brazil Centre-South region in the first half of April. The contracts had declined to a 12-month low last week. the July contract was up 1.1% from the previous close. Mills in Brazil Centre-South region produced 704,000 tonne of sugar during the first fortnight of April, down 51% from a year ago. The sharp fall in sugar output could be attributed to lower grinding and a reduction observed in the production mix.