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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

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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