Informist, Tuesday, Oct 12, 2021

By S. Anirudh Iyer

NEW DELHI – The ex-mill prices of sugar in the key wholesale markets in north India were lower today, while prices in Maharashtra were flat. 

* Prices in the north were lower because of weak demand from bulk buyers amid selling pressure from mills, Delhi-based trader Naresh Gupta said. 

* In Maharashtra, prices were flat as demand from bulk buyers was met with adequate stocks from mills, an official with the Bombay Sugar Merchants' Association said. 

* "We expect demand from bulk buyers to improve from Oct 21 because of the upcoming Diwali festival," the official said. 

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

  (Changes in price per 100 kg)

  --Down 10-15 rupees at 3,740 rupees in Muzaffarnagar

  --Down 10-15 rupees at 3,730 rupees in Delhi

  --Flat at 3,605 rupees in Kolhapur

  --Flat at 3,812 rupees in Mumbai

* On the Intercontinental Exchange, the most-active March contract of raw sugar was trading lower as investors booked profits after the contract hit a near five-year high of 20.61 cents per pound on Monday. 

* Prices increased on concerns over production in Brazil and recovery in demand following easing of COVID-related restrictions across the world. 

* "It is raining in southern Brazil which will be good for the next crops there, but the tight situation now must still be dealt with," pricefutures.com said in a report. 

* The contract was trading at 20.32 cents per pound, down nearly 0.1% from the previous close. 

End

US$1 = 75.51 rupees

Edited by Michael Correya

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