Informist, Thursday, Jul 29, 2021

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar in key wholesale markets in the northern region of the country were up today, on expectation of lower sales quota in August.

* The Centre had set 2.2 mln tn sugar sales quota for mills in July.

* "It is all speculative... In case, higher sales quota is released, prices will fall from here," said Naresh Gupta, a trader in Delhi.

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

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

  (Changes in price per 100 kg)

  --Up 20 rupees at 3,250 rupees in Muzaffarnagar

  --Up 25 rupees at 3,260 rupees in Delhi

  --Flat at 3,170 rupees in Kolhapur

  --Flat at 3,390 rupees in Mumbai

* On the Intercontinental Exchange, the most active October contract was trading flat at 18.61 cents per pound.

* Prices had hit a fresh five-month high of 18.81 cents earlier today because of cold weather in Brazil, which is likely to hit sugarcane production.

* "The market remains focused on cold and frost expected later this week in Brazil... producers and traders had good reason to be wary of selling," website Brecorder.com said in a note quoting Commonwealth Bank of Australia analyst Tobin Gorey.  

End

US$1 = 74.28 rupees

Edited by Rajendra Masur

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