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India Sugar:Falls as mills rush to exhaust Oct sales quota; ICE down

Informist, Wednesday, Oct 27, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar fell in all the key wholesale markets today as mills rushed to exhaust their October sales quota ahead of the month-end, traders said.

 

* “Festival demand is mostly over… I feel prices will not go up but may fall by 10-20 rupees (per 100 kg) more next week,” said Mukesh Kuvadia, secretary of Bombay Sugar Merchants’ Association. 

 

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

  (Changes in price per 100 kg)

  –Down 20-25 rupees at 3,700 rupees in Muzaffarnagar

  –Down 20-25 rupees at 3,680 rupees in Delhi

  –Down 10 rupees at 3,595 rupees in Kolhapur

  –Down 10 rupees at 3,802 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar was 0.15% lower at 19.63 cents per pound. Investors booked profits after prices hit an over one-week high of 19.76 cents per pound earlier today.

 

* “The morning started slow, with very little liquidity… building some selling pressure on the longer tenors,” UK-based trading firm Czarnikow said in a note.  End

 

US$1 = 75.03 rupees

 

Edited by Ashish Shirke

 

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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