India Sugar: Up in north as demand high for festivals; rises on ICE

Informist, Friday, Oct 22, 2021

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar were up in key wholesale markets of north India today because of a rise in demand for festivals, traders said.

* “Mills sold their October sales quota reasonably well as this is the peak demand period,” said Naresh Gupta, a Delhi-based dealer.

* Prices were flat in west India today because of lack of fresh cues ahead of the weekend.

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

  (Changes in price per 100 kg)

  –Up 15-20 rupees at 3,710 rupees in Muzaffarnagar

  –Up 15-20 rupees at 3,740 rupees in Delhi

  –Flat at 3,625 rupees in Kolhapur

  –Flat at 3,707 rupees in Mumbai

* On the Intercontinental Exchange, the most active March contract of raw sugar was 0.3% higher at 19 cents per pound.

* “The market fears large fund selling and maintains a bearish bias, with rains in key producers India, Thailand and Brazil adding pressure,” Nasdaq.com said in a report.  End

US$1 = 74.89 rupees

Edited by Shirsha Thakur

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Source: Cogencis