Informist, Tuesday, Oct 19, 2021
By Preeti Bhagat
NEW DELHI – Barring Uttar Pradesh, ex-mill prices of sugar were down in all key wholesale markets across the country today as mills reduced their prices in order to boost sales.
* “Weather has improved today so lifting was higher… Some mills reduced prices while some sold at same prices as yesterday (Monday),” said Naresh Gupta, a Delhi-based dealer.
* Prices were flat in Muzaffarnagar today because of lack of fresh cues.
* Following are the highlights of sugar trade in the domestic market today:
(Changes in price per 100 kg)
–Flat at 3,720 rupees in Muzaffarnagar
–Down 10-15 rupees at 3,620 rupees in Delhi
–Down 10 rupees at 3,640 rupees in Kolhapur
–Down 10 rupees at 3,722 rupees in Mumbai
* On the Intercontinental Exchange, the most active March contract of raw sugar was trading 0.5% lower at 19.25 cents per pound.
* Prices hit a three-week low of 19.09 cents per pound as fund houses continued to scale back their long positions.
* “It was a sufficient decline to trigger some speculative long liquidation downward on around 4,000 lots… The speculators will not sleep comfortably with any weakness potentially triggering further liquidation and potentially new near term short positions,” UK-based trading firm Czarnikow said in a note. End
US$1 = 75.34 rupees
Edited by Patricia Hou
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Source: Cogencis
