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India Sugar: Falls in most markets as rains hit demand; down on ICE

Informist, Tuesday, Sep 28, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in key wholesale markets of Maharashtra fell today because of weak demand due to rainfall in Mumbai.

 

 

* Mills also cut prices today to liquidate their additional sales quota for September. The government has allowed mills across the country to sell 250,000 tn additional sugar in September to meet strong festival demand.

 

* In Uttar Pradesh’s Muzaffarnagar market, prices rose today because of higher demand.

 

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

  (Changes in price per 100 kg)

  –Up 15 rupees at 3,670 rupees in Muzaffarnagar

  –Down 10 rupees at 3,650 rupees in Delhi

  –Down 10 rupees at 3,570 rupees in Kolhapur

  –Down 10 rupees at 3,782 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar fell today as the October contract’s discount to the March contract widened further to around 0.93 cent per pound, indicating there was little appetite to take delivery of sugar against the contract.

 

* The October contract will expire later this week. The March contract was at 19.56 cents per pound, down 0.6% from the previous close.

 

* Speculators reduced their net long position in raw sugar futures in the week to Sep 21, the US Commodity Futures Trading Commission said.  End

 

US$1 = 74.04 rupees

 

Edited by Akul Nishant Akhoury

 

 

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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