Informist, Friday, Mar 11, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar in the key wholesale markets across north India fell today due to weak bulk demand, traders said.
* “Mills want to sell, but buyers are less because wholesalers have already stocked up the sweetener ahead of the Holi festival,” said Naresh Gupta, a Delhi-based dealer.
* However, prices of sugar remained steady across major markets of Maharashtra on demand-supply parity, said an official with Bombay Sugar Merchants’ Association.
* Following are highlights of sugar trade in the domestic market:
(Changes in price per 100 kg)
–Down 20-25 rupees at 3,460 rupees in Muzaffarnagar
–Down 20 rupees at 3,450 rupees in Delhi
–Flat at 3,360 rupees in Kolhapur
–Flat at 3,642 rupees in Mumbai
* On the Intercontinental Exchange, the most active May contract of raw sugar was down 0.5% at 19.02 cents per pound.
* “Whether sugar ought to trade as nearproxy for oil is questionable. The link between the two is far from automatic, given the heavy regulation of the link from Brazil,” Commonwealth Bank of Australia said.
End
Edited by Maheswaran Parameswaran
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