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India Sugar:Dn in north as rainfall hits demand; flat in Maharashtra

Informist, Monday, Jul 11, 2022

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar fell in key wholesale markets of north India today, due to lower demand amid the ongoing monsoon season, a Delhi-based trader Naresh Gupta said. Rains cause moisture in the sweetener, which is why buyers avoid making large purchases and stocking during this time.

 

* However, prices were flat in Maharashtra due to parity between supply and demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

 

* “It looks like prices won’t go up in July because of rainfall all over the country,” Kuvadia said.

 

* “Prices are likely to remain range-bound as household demand will also fall in a few days.”

 

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

  (Changes in price per 100 kg)

  –Down 10-20 rupees at 3,420-3,450 rupees in Muzaffarnagar

  –Down 10-20 rupees 3,445-3,515 rupees in Delhi

  –Flat at 3,320-3,370 rupees in Kolhapur

  –Flat at 3,480-3,572 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active October contract of raw sugar was at 18.97 cents per pound, down 0.3% from the previous close, as investors booked profits after prices hit a one-month high of 19.15 cents per pound on Friday. 

 

End

 

US$1 = 79.44 rupees

 

Edited by Vidhi Verma

 

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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