Informist, Monday, Oct 25, 2021
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar rose in the key wholesale markets of Muzaffarnagar in Uttar Pradesh today as most mills have exhausted their October sales quota, traders said.
* “Trade will now depend on how much monthly sales quota is expected for November. We expect around 2.2-2.3 mln tn,” said Mukesh Kuvadia, secretary of Bombay Sugar Merchants’ Association.
* Prices were flat in west India and Delhi 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)
–Up 20-25 at 3,800 rupees in Muzaffarnagar
–Flat at 3,720 rupees in Delhi
–Flat at 3,625 rupees in Kolhapur
–Flat at 3,707 rupees in Mumbai
* On the Intercontinental Exchange, the most active March contract of raw sugar was 0.1% lower at 19.06 cents per pound. Prices fell marginally as speculators continued to cut long positions.
* “Sugar, however, is at or just above the Brazilian ethanol parity of 18.50-19.00 cents. If it falls any lower, cane mills will produce more ethanol at the expense of sugar, which should put a floor under prices,” Nasdaq.com said in a report. End
US$1 = 75.0775 rupees
Edited by Avishek Dutta
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Source: Cogencis