14.3 C
New York
Tuesday, May 17, 2022

India Sugar:Dn in north on poor demand; ICE up on high energy prices

Informist, Tuesday, Nov 2, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in key wholesale markets of North India were lower today, while prices in Maharashtra remained steady.

 

* “Prices are expected to fall further in the coming days because demand for festivals is over now,” 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 3,660 rupees in Muzaffarnagar

  –Down 10 rupees at 3,715 rupees in Delhi

  –Flat at 3,595 rupees in Kolhapur

  –Flat at 3,802 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract was at 19.47 cents per pound, up 0.5% from the previous close. Prices rose as higher energy prices in Brazil may prompt mills to produce ethanol instead of sugar.

 

* “In the absence of new developments and with very low selling from commercials, the ethanol boom… coupled with an unwillingness from India to subsidize sugar exports provide an overall bullish picture,” UK-based trading firm Czarnikow said in a note.  End

 

US$1 = 74.67 rupees

 

Edited by Snigdha Kuttikat

 

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.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to [email protected]

 

© Informist Media Pvt. Ltd. 2021. All rights reserved.

 

Source: Cogencis

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,299FansLike
12,893FollowersFollow
752FollowersFollow
- Advertisement -

Latest Articles

Popular Articles