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India Sugar: Up in Maharashtra for 2nd day on high demand; ICE gains

Informist, Tuesday, Oct 5, 2021


By Preeti Bhagat

 

NEW DELHI – Ex-mill prices of sugar rose in key wholesale markets of Maharashtra for the second straight day because of a sharp rise in demand ahead of festivals.

 

* "Future of sugar industry looks very encouraging… The domestic prices rose by 4-5 rupees per kg prior to the festive season," Infomerics Valuation and Rating said in a report.

 

* Prices were unchanged in north India today because of absence of fresh cues.

 

* Following are the highlights of sugar trade in the domestic market today:

  (Changes in price per 100 kg)

  –Flat at 3,800 rupees in Muzaffarnagar

  –Flat at 3,750 rupees in Delhi

  –Up 30-40 rupees at 3,615 rupees in Kolhapur

  –Up 30-40 rupees at 3,822 rupees in Mumbai

 

* On the Intercontinental Exchange, the most active March contract of raw sugar was at 19.74 cents per pound, up 0.25% from the previous close.

 

* "The past two weeks have seen a momentous change–the apparent return of white sugar demand and the substantial raw sugar demand in September," UK-based brokerage Marex Spectron said in a note.  End

 

US$1 = 74.45 rupees

 

Edited by Patricia Hou

 

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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