Informist, Wednesday, Jun 29, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar fell across markets of north India today, barring Delhi, because of subdued demand and a rise in selling pressure ahead of the end of the month, dealers said.
* Some mills have slightly lowered prices as they have to exhaust their monthly sales quota for June by Thursday, but demand remains poor, a Delhi-based trader Naresh Gupta said.
* Market participants are expecting nearly 2.1 mln tn of monthly sales quota for July. If the government’s figures align with the market’s numbers, prices are likely to increase 10-20 rupees per 100 kg in north India from next week, Gupta said.
* However, in Maharashtra, prices were flat due to parity between selling pressure and demand, 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 2-5 rupees at 3,428-3,490 rupees in Muzaffarnagar
–Flat at 3,415-3,465 rupees in Delhi
–Flat at 3,315-3,365 rupees in Kolhapur
–Flat at 3,480-3,557 rupees in Mumbai
* On the Intercontinental Exchange, the most-active October contract of raw sugar rose 0.5% at 18.41 cents per pound as Sao Paulo, Brazil’s largest fuel market, cut state taxes on petrol but kept them unchanged for hydrous ethanol. Brazil is the largest producer of the sweetener.
* As both petrol and hydrous ethanol compete for drivers’ preference at pumps, the reduction in Indirect Cost Management System tax on petrol will likely cut ethanol’s appeal to car owners. This may lead mills to make less ethanol and more sugar, website Nasdaq said in a note.
End
Edited by Vidhi Verma
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