Informist, Thursday, Mar 31, 2022
By Preeti Bhagat
NEW DELHI – The ex-mill prices of sugar in key wholesale markets across the country jumped today, as the monthly sales quota allocated by the government was lower compared to expected demand during the next month, said Naresh Gupta, a dealer based in Delhi.
* The government has set the limit for sale of sugar by mills at 2.20 mln tn in April, up from 2.15 mln tn set in March, according to a notification.
* Market participants expected sales quota of around 2.25-3.00 mln tn for April.
* “Sales quota is lower compared to summers…everything has opened up as COVID-19 infections have fallen,” said Mukesh Kuvadia, secretary, Bombay Sugar Merchants’ Association. “Sentimentally, prices have increased.”
* Following are the highlights of sugar trade in the domestic market:
(Changes in price per 100 kg)
–Up 30 rupees at 3,530 rupees in Muzaffarnagar
–Up 40 rupees at 3,500 rupees in Delhi
–Up 30 rupees at 3,350 rupees in Kolhapur
–Up 30-40 rupees at 3,652 rupees in Mumbai
* On the Intercontinental Exchange, the most-active May contract of raw sugar was down 0.7% at 19.34 cents per pound.
* “With the initial bluster over, the market eased back a little over the course of the morning on low volumes as many speculators stood aside,” UK-based trading firm Czarnikow said in a note. End
Edited by Pranav S. Joshi
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