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India Sugar: Falls on weak demand, selling pressure; down on ICE-US

Informist, Tuesday, Oct 26, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar fell in all the key wholesale markets across the country today because of weak demand at higher rates and selling pressure from mills, traders said.

 

* “There is shortage of trucks also because of rise in prices of diesel… Mills are also rushing to exhaust their October sales quota,” said Naresh Gupta, a Delhi-based dealer.

 

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

  (Changes in price per 100 kg)

  –Down 15-20 rupees at 3,780 rupees in Muzaffarnagar

  –Down 15-20 rupees at 3,700 rupees in Delhi

  –Down 5-10 rupees at 3,615 rupees in Kolhapur

  –Down 5-10 rupees at 3,697 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar was 0.2% lower at 19.35 cents per pound.

 

* Prices fell marginally as investors booked profits after prices hit a one-week high of 19.44 cents on Monday.

 

* “It seems that bears have given a break and the fundamental traders seized the opportunity to buy… Sugar appeared oversold and both commercials and speculators took the chance to secure somewhat lower levels,” UK-based trading firm Czarnikow said in a note.  End

 

US$1 = 74.96 rupees

 

Edited by Maheswaran Parameswaran

 

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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