Informist, Tuesday, Oct 12, 2021
By S. Anirudh Iyer
NEW DELHI – The ex-mill prices of sugar in the key wholesale markets in north India were lower today, while prices in Maharashtra were flat.
* Prices in the north were lower because of weak demand from bulk buyers amid selling pressure from mills, Delhi-based trader Naresh Gupta said.
* In Maharashtra, prices were flat as demand from bulk buyers was met with adequate stocks from mills, an official with the Bombay Sugar Merchants’ Association said.
* “We expect demand from bulk buyers to improve from Oct 21 because of the upcoming Diwali festival,” the official said.
* Following are the highlights of sugar trade in the domestic market today:
(Changes in price per 100 kg)
–Down 10-15 rupees at 3,740 rupees in Muzaffarnagar
–Down 10-15 rupees at 3,730 rupees in Delhi
–Flat at 3,605 rupees in Kolhapur
–Flat at 3,812 rupees in Mumbai
* On the Intercontinental Exchange, the most-active March contract of raw sugar was trading lower as investors booked profits after the contract hit a near five-year high of 20.61 cents per pound on Monday.
* Prices increased on concerns over production in Brazil and recovery in demand following easing of COVID-related restrictions across the world.
* “It is raining in southern Brazil which will be good for the next crops there, but the tight situation now must still be dealt with,” pricefutures.com said in a report.
* The contract was trading at 20.32 cents per pound, down nearly 0.1% from the previous close.
End
US$1 = 75.51 rupees
Edited by Michael Correya
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. 2021. All rights reserved.
Source: Cogencis
