Informist, Tuesday, Jun 28, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell in all key wholesale markets across the country today because of subdued demand and rising selling pressure ahead of the month-end, dealers said.
* Mills have lowered prices as they have to exhaust their monthly sales quota for June in two days, but demand remains poor, a Delhi-based trader Naresh Gupta said.
* “Change in price may occur across north India after the release of next month’s sales quota. Typically, demand is lower in July due to monsoon and no wedding ceremonies take place during this time,” Gupta said.
* In Maharashtra, price movement of 5-10 rupees per 100 kg is likely in the coming two days of the month, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* Following are the highlights of sugar trade in domestic markets:
(Changes in price per 100 kg)
–Down 30-35 rupees at 3,430-3,495 rupees in Muzaffarnagar
–Down 20-25 rupees at 3,415-3,465 rupees in Delhi
–Down 5 rupees at 3,315-3,365 rupees in Kolhapur
–Down 5 rupees at 3,480-3,557 rupees in Mumbai
* On the Intercontinental Exchange, the most active October contract of raw sugar rose 0.9% today at 18.43 cents per pound as investors covered their short positions after prices hit a three-month low of 18.20 cents per pound on Monday.
“Sugar may attempt to build a base around current levels as funds are unlikely to be aggressive sellers near term and end-users still have some buying to do,” the website Brecorder.com said in a note. End
Edited by Sushmita Mukherjee
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