India Sugar:Dn as demand poor, mills rush to exhaust Sep sales quota

Informist, Wednesday, Sep 29, 2021

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar fell in all key wholesale markets across the country today because of weak demand, and as mills rushed to exhaust their sales quota for September.

* “Everyone is waiting for the announcement of October sales quota… It is expected to be higher because of start of festival season from next week,” said Mukesh Kuvadia, secretary of Bombay Sugar Merchants’ Association.

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

  (Changes in price per 100 kg)

  –Down 30 rupees at 3,640 rupees in Muzaffarnagar

  –Down 25 rupees at 3,625 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 because of weak demand amid risk-off sentiment in the broader financial markets.

* The March contract was at 19.68 cents per pound, down 0.8% from the previous close.

* “Recent struggle has eroded confidence in the market, and we started today negatively… there remains a long way to go to escape the broad range which most likely will continue,” UK-based trading firm Czarnikow said in a note.  End

US$1 = 74.13 rupees

Edited by Avishek Dutta

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Source: Cogencis