Informist, Tuesday, Jan 18, 2022
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar were down in key wholesale markets across north India today as rise in production led to selling pressure, traders said.
* Mills in India produced 15.1 mln tn of sugar during Oct 1-Jan 15, up 6% from a year ago, the Indian Sugar Mills Association said.
* “Mills will come into the market to sell and then pressure will build because everyone has to finish off their monthly sales quota,” said Naresh Gupta, a Delhi-based dealer.
* In Maharashtra, prices were flat because of parity between demand and supply, 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)
–Down 5-10 rupees at 3,490 rupees in Muzaffarnagar
–Down 5-10 rupees at 3,445 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 up 1.8% at 18.64 cents per pound.
* Prices were up nearly 2% as sharp gains in crude oil prices prompted mills in Brazil to divert more sugarcane towards ethanol production over the sweetener, dealers said. End
US$1 = 74.57 rupees
Edited by Tanima Banerjee
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