Informist, Monday, May 9, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell in all the key wholesale markets of the country today, as demand from bulk buyers failed to pick up, traders said.
* Prices declined in Maharashtra because of selling pressure on mills, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants’ Association.
* “Household demand for the sweetener has almost come to an end, while demand among manufacturers is weak amid the ease in temperatures and absence of fresh triggers,” Kuvadia said.
* “Prices had gone up by 100-120 rupees per 100 kg in the last fortnight of the previous month, and now demand is limited. Poor demand may further push down prices by 30-40 rupees this week,” said Naresh Gupta, a Delhi-based dealer.
* On the Intercontinental Exchange, the most-active July contract of raw sugar was down 1.6% at 18.84 cents per pound, as investors booked profits after prices hit a one-week high of 19.21 cents per pound on Friday.
* Indian sugar mills have signed contracts to export 8.2-8.3 mln tn of sugar in the current season without government subsidies. This also weighed on prices, dealers said. End
US$1 = 77.47 rupees
Edited by Namrata Rao
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