Informist, Wednesday, Jan 12, 2022
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar were flat in all key wholesale markets across India today, because of parity between demand and supply, traders said.
* “Prices are expected to remain stable over the coming days… or they may even fall by 5-10 rupees (per 100 kg) as demand from south India for Pongal is over,” said Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association.
* Following are the highlights of sugar trade in the domestic market:
(Changes in price per 100 kg)
–Flat at 3,535 rupees in Muzaffarnagar
–Flat at 3,485 rupees in Delhi
–Flat at 3,460 rupees in Kolhapur
–Flat at 3,652 rupees in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was at 18.24 cents per pound, up 0.7% from the previous close. Prices rose today as recent selling by fund houses seems to have dried up.
* “Renewed buying from the short-term speculative players sent March 2022 (contract) up to 18.21 cents… while selling was not overly sizeable, the lack of any bigger players joining to bolster their interest led to the move stalling with consolidation,” UK-based trading firm Czarnikow said in a note. End
US$1 = 73.91 rupees
Edited by Vidhi Verma
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