Informist, Friday, Sep 24, 2021
By Preeti Bhagat
NEW DELHI – Ex-mill prices of sugar in key wholesale markets of Maharashtra fell today after the government allowed mills to sell 250,000 tn additional stocks in September, traders said.
* Additional sugar sales quota was announced today to meet strong festival demand amid rising prices, and as most mills have exhausted their quota for the month.
* Demand has been high ahead of the upcoming Navratri festival and is expected to rise more next month, traders said.
* Prices were flat in north India today but are expected to decline by 40-50 rupees per 100 kg next week, said Naresh Gupta, a Delhi-based dealer.
* Following are the highlights of sugar trade in the domestic market today:
(Changes in price per 100 kg)
–Flat at 3,750 rupees in Muzaffarnagar
–Flat at 3,725 rupees in Delhi
–Down 10 rupees at 3,650 rupees in Kolhapur
–Down 10 rupees at 3,822 rupees in Mumbai
* On the Intercontinental Exchange, the most active March contract of raw sugar rose today as investors booked profits after prices hit a one-week high of 20.34 cents per pound on Thursday.
* The contract was at 20.15 cents per pound, down 0.7% from the previous close.
* “Long liquidation emerged… Having fallen back to unchanged levels some moderate buying was uncovered and this proved sufficient,” UK-based trading firm Czarnikow said in a note. End
US$1 = 73.69 rupees
Edited by Akul Nishant Akhoury
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