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India Sugar: Up in north India on low stock left for sale in Sep

Informist, Thursday, Sep 23, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in key wholesale markets of north India rose today because mills have nearly exhausted the quota for sale during September and less stock is available with them to sell for rest of the month.

 

* “Mills raised their prices today because of less sales quota with them, and when prices rise, people also start buying immediately in fear of a further rise,” said Naresh Gupta, a Delhi-based dealer.

 

* In Maharashtra’s Kolhapur and Mumbai markets, prices were steady due to a parity in demand and supply, said an official with Bombay Sugar Merchants’ Association.

 

* Following are the highlights of sugar trade in the domestic market today:

  (Changes in price per 100 kg)

  –Up 20 rupees at 3,750 rupees in Muzaffarnagar

  –Up 10 rupees at 3,725 rupees in Delhi

  –Flat at 3,660 rupees in Kolhapur

  –Flat at 3,822 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar rose today as the US dollar slipped and as output in Brazil is seen lower.

 

* The contract was at 20.13 cents per pound, up 0.3% from the previous close.

 

* Investors are cautious ahead of release of sugar production and cane crushing data for Sep 1-15 in Brazil’s centre-south region by UNICA later today. Initial market estimates indicate a 15% fall in cane crushing for the first half of September. End

 

US$1 = 73.64 rupees

 

Edited by Rajendra Masur

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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© Informist Media Pvt. Ltd. 2021. All rights reserved.

Source: Cogencis

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