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Tuesday, November 29, 2022

India Sugar: Down across mkts on poor offtake; ICE prices unavailable

Informist, Monday, Sep 19, 2022

 

By Puja Das

 

NEW DELHI – Ex-mill prices of sugar fell in all key wholesale markets of India today because of weak offtake amid rising selling pressure, traders said.

 

* Selling pressure by mills is increasing as they have to exhaust their monthly sales quota for September, while festival demand has not picked up yet, said Naresh Gupta, a trader in Delhi.

 

* Prices in Maharashtra are likely to decline further due to tepid demand amid Pitru Paksha, which will end on Sep 25, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Festival demand may pick up pace once Pitru Paksha ends, he said.

 

* Pitru Paksha is a 16–day period when Hindus pay homage to their ancestors.

 

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

  (Changes in price per 100 kg)

  –Down 5-10 rupees at 3,500-3,535 rupees in Muzaffarnagar

  –Down 5-10 rupees at 3,440-3,540 rupees in Delhi

  –Down 10 rupees at 3,420-3,460 rupees in Kolhapur

  –Down 10 rupees at 3,566-3,622 rupees in Mumbai

 

* The price of raw sugar on the Intercontinental Exchange was unavailable as no trade took place till 1700 IST.  End

 

Edited by Avishek Dutta

 

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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© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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