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India Sugar: Dn in all mkts as demand weak amid high selling pressure

Informist, Thursday, Jun 23, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell in all key wholesale markets across the country today because of subdued demand and rising selling pressure, a Delhi-based trader Naresh Gupta said. 


* Mills have lowered prices as they have to exhaust their sales quota for June, but buyers are not ready to purchase sugar at a higher rate, said Gupta.


* Some mills may lower prices further to exhaust their sales quota for this month, Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


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

  (Changes in price per 100 kg)

  –Down 5-10 rupees at 3,465-3,520 rupees in Muzaffarnagar

  –Down 5-10 rupees at 3,430-3,480 rupees in Delhi

  –Down 5 rupees at 3,320-3,370 rupees in Kolhapur

  –Down 5 rupees at 3,485-3,562 rupees in Mumbai


* On the Intercontinental Exchange, the most active October contract of raw sugar was down 0.5% at 18.39 cents per pound on expectations of Pakistan allowing export of surplus in the coming weeks, even as India is said to be considering additional curbs on exports, dealers said.


* “Pakistan’s government will hold talks with the industry over the next few weeks, as the industry lobbies hard to be allowed to export some sugar from the estimated 2 mln tn stockpiles built up in the country,” Australia-based analyst Green Pool said in a note.  End



Edited by Deepshikha Bhardwaj



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Source: Cogencis

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