Informist, Friday, Jan 7, 2022
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar in all key wholesale markets across the country were flat today because of thin trade ahead of the weekend, traders said.
* “Mills are unable to sell their new stocks because old stock is still lying with then, and it is not fetching buyers. It’s a silent market today,” said Delhi-based trader Naresh Gupta.
* Sugar mills across the country are currently crushing cane and producing new sugar. This, along with low temperatures in some parts of the country, is adding to the woes of mills.
* Following are the highlights of sugar trade in the domestic market:
(Changes in price per 100 kg)
–Flat at 3,660 rupees in Muzaffarnagar
–Flat at 3,685 rupees in Delhi
–Flat at 3,475 rupees in Kolhapur
–Flat at 3,692 rupees in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was at 18.27 cents per pound, up 0.4% from the previous close. Prices rose as investors covered their short positions after prices hit an over five-month low of 18.15 cents per pound on Thursday.
* On the harvesting front, both Thailand and Indian cane harvests are progressing well and there have been ample rains in recent weeks across Brazil’s major growing areas. End
US$1 = 74.31 rupees
Edited by Avishek Dutta
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Source: Cogencis
