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India Sugar: Flat due to muted trade amid festivities

Informist, Friday, Jan 14, 2022

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in all key wholesale markets across India were unchanged today because of subdued trade on account of the Makar Sankranti festival, traders said.

 

* “Prices may see a correction next week, and then we expect demand to start picking up,” said Naresh Gupta, a Delhi-based dealer.

 

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

  (Changes in price per 100 kg)

  –Flat at 3,525 rupees in Muzaffarnagar

  –Flat at 3,470 rupees in Delhi

  –Flat at 3,460 rupees in Kolhapur

  –Flat at 3,652 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract of raw sugar was flat at 18.09 cents per pound. Prices were steady today as selling by fund houses has dried up, dealers said.

 

* “Market entered into a morning of quiet consolidation… maybe suggesting consolidation either side of 18 cents for the short term as things look to calm a little,” UK-based trading firm Czarnikow said in a note.  End 

 

US$1 = 74.15 rupees

 

Edited by Tanima Banerjee

 

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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