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India Sugar: Falls in north on selling pressure, down on ICE

Informist, Wednesday, Oct 13, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in the key wholesale markets in north India were down today as mills faced selling pressure amid weak demand, traders said.

 

* “Some buyers who bought sugar earlier are not keen on lifting their stocks which has forced mills to reduce prices and sell in the market,” said Naresh Gupta, a Delhi-based dealer.

 

* Prices were unchanged in Maharashtra today because of lack of fresh cues.

 

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

  (Changes in price per 100 kg)

  –Down 15-20 rupees at 3,740 rupees in Muzaffarnagar

  –Down 15-20 rupees at 3,710 rupees in Delhi

  –Flat at 3,605 rupees in Kolhapur

  –Flat at 3,812 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract of raw sugar was trading lower due to weak sentiment in the wider financial markets.

 

* The contract was trading at 19.99 cents per pound, down 0.4% from the previous close.

 

* “A sell-off in global equities… on signs that soaring energy prices have put a dampener on economic growth, triggering fears over sustained inflation and policy tightening,” website Brecorder.com said in a report.  End

 

US$1 = 75.37 rupees

 

Edited by Pranav S. Joshi

 

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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Source: Cogencis

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