India Sugar: Down in north on selling pressure as new season starts

Informist, Tuesday, Nov 16, 2021

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar in key wholesale markets across North India fell today because of selling pressure from mills as they are making new sugar from cane, traders said.

* “Demand is there, but it is less than what mills are offering for sale so prices are not rising and may fall by another 30-40 rupees (per 100 kg) in the coming days,” 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 3,585 rupees in Muzaffarnagar

  –Down 20-30 rupees at 3,550 rupees in Delhi

  –Flat at 3,490 rupees in Kolhapur

  –Flat at 3,702 rupees in Mumbai

* On the Intercontinental Exchange, the most-active March contract was at 19.69 cents per pound, down 0.25% from the previous close.

* “We cannot gauge the speculative position though expectations are that the smaller speculators will have brought a small increase to the net long during the reporting period. They may well have added further…,” UK-based trading firm Czarnikow said in a note.  End

US$1 = 74.30 rupees

Edited by Snigdha Kuttikat

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Source: Cogencis