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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


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Source: Cogencis

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