Informist, Thursday, Oct 21, 2021

By Preeti Bhagat

NEW DELHI – Ex-mill prices of sugar were up in key wholesale markets of north India today because of a rise in demand as weather improved and rainfall subsided.

* On the other hand, prices were down in west India today because of poor demand from bulk buyers and selling pressure.

* "Selling pressure is increasing day-by-day from mills as the month is nearing its end," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants' Association.

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

  (Changes in price per 100 kg)

  --Up 10 rupees at 3,700 rupees in Muzaffarnagar

  --Up 10 rupees at 3,720 rupees in Delhi

  --Down 5-10 rupees at 3,625 rupees in Kolhapur

  --Down 5-10 rupees at 3,707 rupees in Mumbai

* On the Intercontinental Exchange, the most active March contract of raw sugar was trading 0.7% higher at 19.11 cents per pound.

* "The usual array of pricing and hedge lifting, which comes with a fall in the market, lent support," UK-based trading firm Czarnikow said in a note.

* "Recent sessions have seen a good deal of speculative liquidation and no doubt the addition of fresh shorts from the faster moving sector/small traders however presented a somewhat calmer environment in which we appeared content to consolidate and reassess."  End

US$1 = 74.8625 rupees

Edited by Patricia Hou

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