India Sugar: Tad down in Muzaffarnagar as mills offload bulk stock

Informist, Thursday, Jan 27, 2022

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar in key wholesale markets across Muzaffarnagar in Uttar Pradesh fell marginally today as mills offloaded bulk stocks to finish off their January sales quota, traders said.

* “It is unlikely that prices will fall from these levels, but everything depends on how much sales quota is announced by the government for February,” said Naresh Gupta, a Delhi-based dealer.

* On the other hand, prices were steady in Maharashtra and Delhi today because of parity in demand and supply.

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

  (Changes in price per 100 kg)

  –Down 5-10 rupees at 3,410 rupees in Muzaffarnagar

  –Flat at 3,425 rupees in Delhi

  –Flat at 3,450 rupees in Kolhapur

  –Flat at 3,670 rupees in Mumbai

* On the Intercontinental Exchange, the most active March contract of raw sugar was flat at 18.48 cents per pound.

* “Geopolitical tensions were driving down sugar, but countered that strong energy prices, also a result of the tensions, were offering it support… Expect sugar to consolidate between 18.50 cents and 19.30 cents,” Brecorder.com said in a note.  End

US$1 = 75.07 rupees

Edited by Deepshikha Bhardwaj

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Source: Cogencis