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India Sugar: Falls in north as spike in COVID-19 cases hits demand

Informist, Wednesday, Apr 7, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar fell in key wholesale markets of north India today as resurgence of COVID-19 cases hit demand.

 

* "Surge in COVID-19 cases is likely to keep a cap on sugar prices in the short term. Lockdown in many states could be a concern for sugar demand," a Noida-based firm said in a note.

 

* Prices were flat in west India because of lack of fresh cues.
 

Following are highlights of trade in the domestic market today:

  (Changes in price per 100 kg)

  –-Down 15 rupees at 3,350 rupees in Muzaffarnagar

  –Down 10 rupees at 3,265 rupees in Delhi

  –Flat at 3,180 rupees in Kolhapur
  –Flat at 3,360 rupees in Mumbai

 

* On the Intercontinental Exchange, the most-active May contract of sugar fell 0.7% to 15.05 cents per pound.

 

* Seasonally, sugar tends to remain soft towards the end of April, so the market may do some work around here but an easing of volatility may create good options play towards the end of the month, UK-based brokerage firm Marex Spectron said in a report.  End

 

US$1 = 74.55 rupees

 

Edited by Mainak Moitra

 

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.

 

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