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India Sugar: Falls in north due to lack of strong demand; up on ICE

Informist, Monday, Mar 21, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar in key wholesale markets across north India fell today, but remained steady in Maharashtra due to the absence of fresh triggers, traders said.

 

* “Mills want to sell, but buyers are not there and when this happens, prices are bound to fall,” said Naresh Gupta, a Delhi-based dealer.

 

* Prices have fallen by 100 rupees per 100 kg so far in March, and may dip further by 10-20 rupees this month, depending on demand, Gupta added.

 

* Selling pressure across markets in north India is gradually picking up pace, as mills have to meet their monthly sales quota, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants’ Association. Selling pressure, however, remains relatively lower in key markets of Maharashtra, added Kuvadia.

 

* Demand is unlikely to improve this month as there are no more festivals lined up in March, Kuvadia said.

 

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

  (Changes in price per 100 kg)

  –Down 10-15 rupees at 3,375 rupees in Muzaffarnagar

  –Down 20 rupees at 3,400 rupees in Delhi

  –Flat at 3,340 rupees in Kolhapur

  –Flat at 3,652 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active May contract of raw sugar was up 1.3% at 19.17 cents per pound.

 

* Strong energy prices and elevated crude oil prices on the New York Mercantile Exchange supported prices of the sweetener, dealers said.

 

 

End

 

 

Edited by Namrata Rao

 

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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

 

Source: Cogencis

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