Informist, Monday, May 30, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar rose in key wholesale markets across north India today, while they were flat in Maharashtra because of demand-supply parity, dealers said.
* “There is no selling pressure on mills as they have exhausted their May sales quota of 2.25 mln tn, and they are now looking forward to the government to release the June sales quota,” said Naresh Gupta, a Delhi-based dealer.
* Sales quota for June is expected to be lower than the previous month as demand is typically less during monsoon, Gupta said. However, as per reports, demand may improve slightly in June due to the wedding season, he added.
* “If monthly sales quota for June is lower than 2.20 mln tn, prices may go up by 10-20 rupees per 100 kg in Maharashtra,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Kuvadia, however, expects next month’s sales quota will be similar to May’s quota.
* Following are the highlights of the sugar trade in the domestic market:
(Changes in price per 100 kg)
–Up 5-10 rupees at 3,420-3,455 rupees in Muzaffarnagar
–Up 5-10 rupees at 3,655-3,710 rupees in Delhi
–Flat at 3,320-3,380 rupees in Kolhapur
–Flat at 3,480-3,675 rupees in Mumbai
* Prices of raw sugar were unavailable on the Intercontinental Exchange as it was shut on account of Memorial Day. End
US$1 = 77.54 rupees
Edited by Maheswaran Parameswaran
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
