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Wednesday, September 28, 2022

India Sugar:Unchanged in all markets; down on ICE on recession worry

Informist, Tuesday, Jul 12, 2022


By Preeti Bhagat


NEW DELHI – Ex-mill prices of sugar were unchanged in all key wholesale markets of India today because of lack of fresh triggers, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.


* “There is less demand for sugar right now… We are hoping that demand will pick up at these levels in the second half of July,” said Naresh Gupta, a Delhi-based dealer.


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

  (Changes in price per 100 kg)

  –Flat at 3,420-3,450 rupees in Muzaffarnagar

  –Flat at 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 18.69 cents per pound, down 0.9% from the previous close, amid fears that global inflation could trigger a recession.


* “Demand for commodities may not drop too much over the next few months as the global economy is still growing, despite recession fears. This should underpin sugar at around current levels,” Nasdaq.com said in a report.  End


US$1 = 79.60 rupees


Edited by Avishek Dutta


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Source: Cogencis

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