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Wednesday, August 10, 2022

India Sugar: Falls in north; ICE shut due to US Independence Day

Informist, Monday, Jul 4, 2022


By Puja Das


NEW DELHI – Ex-mill prices of sugar fell in key wholesale markets of north India today due to subdued demand as mills tried to push sales by lowering prices, Delhi-based trader Naresh Gupta said.


* The demand is typically less in July as the monsoon covers the entire country during the month. The prices may decline further if demand remains weak, Gupta said.


* In Maharashtra, however, prices were flat due to a parity between sales and demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* Prices are likely to remain range-bound, within 10-15 rupees per 100 kg, this week in Maharashtra. However, the progressing monsoon may be a dampener for demand, said Kuvadia.


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

  (Changes in price per 100 kg)

  –Down 15-20 rupees at 3,415-3,465 rupees in Muzaffarnagar

  –Down 15-20 rupees at 3,390-3,430 rupees in Delhi

  –Flat at 3,300-3,380 rupees in Kolhapur

  –Flat at 3,480-3,582 rupees in Mumbai


* On the Intercontinental Exchange, prices were unavailable as the international bourse was shut on account of the US Independence Day holiday. End


Edited by Namrata Rao


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Source: Cogencis

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