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Tuesday, August 16, 2022

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


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Source: Cogencis

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