Informist, Tuesday, Mar 22, 2022
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar in key wholesale markets across north India fell today, but remained steady in Maharashtra due to the absence of fresh triggers, said Mukesh Kuvadia, secretary, Bombay Sugar Merchants’ Association.
* “Demand is not parallel to how much mills want to sell… Selling pressure is there because mills want to finish off their monthly sales quota,” said Naresh Gupta, a Delhi-based dealer.
* As the month is nearing its end, mills are in a hurry to make sales and are offloading a higher quantity in the market.
* Following are the highlights of sugar trade in the domestic market:
(Changes in price per 100 kg)
–Down 15-20 rupees at 3,490 rupees in Muzaffarnagar
–Down 25-30 rupees at 3,425 rupees in Delhi
–Flat at 3,360 rupees in Kolhapur
–Flat at 3,652 rupees in Mumbai
* On the Intercontinental Exchange, the most-active May contract of raw sugar was down 0.4% at 19.20 cents per pound because of a surge in supply in India and Thailand, the major producers.
* “The base in India has risen, so we can expect even more sucrose production, even if consumption and diversion to ethanol increase,” UK-based brokerage house Marex Spectron said in a note.
* “Thailand sugar production will certainly grow with good rains and attractive cane prices offered by the mills, but cassava will continue to compete for area with cane.” End
Edited by Namrata Rao
Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Source: Cogencis
