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Sunday, October 2, 2022

India Sugar:Dn in most mkts on poor buys; up on ICE on short covering

Informist, Thursday, Jun 9, 2022

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar were down today in all key wholesale markets, barring Delhi where those were unchanged, because of weak off-take and higher production in the ongoing season, said a Delhi-based trader Naresh Gupta.

 

* “Freight rates have come down in Maharashtra so that benefit is being passed on to the consumers naturally,” said Mukesh Kuvadia, secretary, Bombay Sugar Merchants Association.

 

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

  (Changes in price per 100 kg)

  –Down 10 rupees at 3,430-3,460 rupees in Muzaffarnagar

  –Unchanged at 3,470-3,525 rupees in Delhi

  –Down 5 rupees at 3,320-3,380 rupees in Kolhapur

  –Down 5 rupees at 3,480-3,592 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active October contract of raw sugar was up 0.1% at 19 cents per pound.

 

* Prices rose slightly as investors covered their short positions after the contract hit a one-month low of 18.84 cents on Wednesday.   End

 

US$1 = 77.77 rupees

 

Edited by Deepshikha Bhardwaj

 

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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