Informist, Wednesday, Jul 27, 2022
By Puja Das
NEW DELHI – Ex-mill prices of sugar rose today in all key wholesale markets of India, except Mumbai, due to low selling pressure, said Naresh Gupta, a trader in Delhi.
* Selling pressure is not much today as mills have sold heavy quantities on Tuesday. Next two days are crucial to predict how demand and selling pressure would be before the government releases monthly sales quota for August.
* Prices of the sweetener rose in Kolhapur due to improved demand for small grains, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
* “It is difficult to predict the price movement as it will depend on the balance (remaining sugar) and for mills are waiting for government to release the August sales quota,” Kuvadia said.
* Following are the highlights of sugar trade in domestic markets:
(Changes in price per 100 kg)
–Up 5-10 rupees at 3,420-3,465 rupees in Muzaffarnagar
–Up 5-10 rupees at 3,460-3,520 rupees in Delhi
–Up 5 rupees at 3,330-3,380 rupees in Kolhapur
–Flat at 3,492-3,586 rupees in Mumbai
* On the Intercontinental Exchange, the most active October contract of raw sugar was up 0.2% at 17.51 cents per pound as India has extended the export delivery deadline by two weeks due to heavy rainfall, which had raised concerns among producers about moving stocks from factories to ports. End
US$1 = 79.90 rupees
Edited by Deepshikha Bhardwaj
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