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India Sugar: Falls in north as COVID curbs hit demand; up 2.7% on ICE

Informist, Tuesday, Apr 20, 2021

 

By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar fell marginally across key wholesale markets in north India today after several states tightened pandemic restrictions, including ordering the closure of restaurants and shops, to curb COVID-19's spread.

 

* "With large supply with the domestic millers, aggressive price gains are capped and demand could be a concern as people would avoid outdoor activities due to rise in COVID-19 cases," a Noida-based firm said in a note.

 

* Prices were flat in western India in the absence of fresh cues.

 

Following are highlights of trade in the domestic market today:

  (Changes in price per 100 kg)

  –-Down 10 rupees at 3,440 rupees in Muzaffarnagar

  –Down 5 rupees at 3,405 rupees in Delhi

  –Flat at 3,170 rupees in Kolhapur
  –Flat at 3,380 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active May contract of sugar rose 2.7% to 16.73 cents per pound. Prices were up nearly 3% driven by fund buying against the backdrop of diminished crop prospects in the European Union and Brazil's centre-south region.

 

* "The most bullish thing which could happen would be a nice big price collapse – and we've had it… The range will continue, and the funds and macros will remain the drivers of the market," UK-based brokerage house Marex Spectron said in a report.  End

 

US$1 = 74.88 rupees

 

Edited by Charumathi Sankaran

 

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