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Friday, October 22, 2021

India Sugar: Up as demand rises ahead of festivals; down on ICE

Informist, Monday, Oct 4, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar rose in all key wholesale markets across the country today because of a sharp rise in demand ahead of festivals.

 

* “Mills have sold good quantity of their October sales quota by Sunday itself which lifted sentiment…Stock position is also less as sugarcane crushing for the season is yet to start” said Naresh Gupta, a Delhi-based dealer.

 

* Sugarcane crushing across the country for the 2021-22 (Oct-Sep) season is likely to start around Oct 15.

 

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

  (Changes in price per 100 kg)

  –Up 30-40 rupees at 3,800 rupees in Muzaffarnagar

  –Up 10-15 rupees at 3,750 rupees in Delhi

  –Up 30-40 rupees at 3,645 rupees in Kolhapur

  –Up 30-40 rupees at 3,712 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar fell today because of weak sentiment in global equity and commodity markets.

 

* The March contract was at 20.04 cents per pound, down 0.1% from the previous close.

 

* “Another global deficit is expected this season and end users, who have been deterred from buying due to high global freight rates, will soon need to replenish stocks,” website Nasdaq.com said in a note.  End

 

US$1 = 74.34 rupees

 

Edited by Aditya Sakorkar

 

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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