Informist, Thursday, Oct 21, 2021
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar were up in key wholesale markets of north India today because of a rise in demand as weather improved and rainfall subsided.
* On the other hand, prices were down in west India today because of poor demand from bulk buyers and selling pressure.
* “Selling pressure is increasing day-by-day from mills as the month is nearing its end,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants’ Association.
* Following are the highlights of sugar trade in the domestic market today:
(Changes in price per 100 kg)
–Up 10 rupees at 3,700 rupees in Muzaffarnagar
–Up 10 rupees at 3,720 rupees in Delhi
–Down 5-10 rupees at 3,625 rupees in Kolhapur
–Down 5-10 rupees at 3,707 rupees in Mumbai
* On the Intercontinental Exchange, the most active March contract of raw sugar was trading 0.7% higher at 19.11 cents per pound.
* “The usual array of pricing and hedge lifting, which comes with a fall in the market, lent support,” UK-based trading firm Czarnikow said in a note.
* “Recent sessions have seen a good deal of speculative liquidation and no doubt the addition of fresh shorts from the faster moving sector/small traders however presented a somewhat calmer environment in which we appeared content to consolidate and reassess.” End
US$1 = 74.8625 rupees
Edited by Patricia Hou
Cogencis news is now Informist. 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.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Source: Cogencis
