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.
US$1 = 79.44 rupees
Edited by Vidhi Verma
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