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India Sugar:Down as industrial demand poor amid COVID-19 restrictions

Informist, Monday, Jan 24, 2022

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar in all key wholesale markets across the country fell today due to poor demand from bulk industrial buyers, traders said.

 

* “Sugar is not getting lifted because demand is not there due to COVID-19 restrictions in place… most events have been cancelled which has affected consumption,” an official with a leading Uttar-Pradesh based sugar company said.

 

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

  (Changes in price per 100 kg)

  –Down 10 rupees at 3,500 rupees in Muzaffarnagar

  –Down 10 rupees at 3,421 rupees in Delhi

  –Down 10 rupees at 3,450 rupees in Kolhapur

  –Down 10 rupees at 3,670 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active March contract of raw sugar was down 0.7% at 18.76 cents per pound.

 

* “Broad-based weakness in financial markets had prompted some investors to take profit after the March contract climbed to a three-week high of 19.29 cents on Thursday,” Brecorder.com said in a note.  End

 

US$1 = 74.56 rupees

 

Edited by Avishek Dutta 

 

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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