India Sugar: Up in north; down on ICE ahead of May contract expiry

Informist, Thursday, Apr 28, 2022

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar were up in key wholesale markets across north India today, while they were flat in Maharashtra due to a lack of fresh triggers, dealers said.

* “Forward sales have happened for the next month because demand is higher for summer,” said Naresh Gupta, a Delhi-based dealer.

* Prices of sugar are expected to remain firm in the medium term because of a rise in exports and low closing stocks, CARE Ratings said in a report.

* Following are the highlights of sugar trade in the domestic market:

(Changes in price per 100 kg)

–Up 20-25 rupees at 3,600 rupees in Muzaffarnagar

–Up 30 rupees at 3,530 rupees in Delhi

–Flat at 3,340-3,480 rupees in Kolhapur

–Flat at 3,482-3,680 rupees in Mumbai

* On the Intercontinental Exchange, the most active July contract of raw sugar was down 0.5% at 18.80 cents per pound, ahead of the expiry of the May contract on Friday.

* “May’s premium to July had widened slightly to around 0.12 cent while the open interest had been falling steady, indicating a lack of appetite to take delivery against the contract,” Nasdaq said in a note. End

Edited by Pranav S. Joshi

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Source: Cogencis