Informist, Wednesday, Feb 23, 2022

By Preeti Bhagat

NEW DELHI - Ex-mill prices of sugar in all key wholesale markets across the country fell today as mills reduced prices to exhaust their sales quota for February, dealers said.

* "There is selling pressure on mills as month is nearing its end. Now that prices are lower, we expect sales to pick up at these levels," said Naresh Gupta, a Delhi-based dealer.

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

  (Changes in price per 100 kg)

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

  --Down 10 rupees at 3,425 rupees in Delhi

  --Down 10 rupees at 3,350 rupees in Kolhapur

  --Down 10 rupees at 3,632 rupees in Mumbai

* On the Intercontinental Exchange, the most active May contract of raw sugar was flat at 17.89 cents per pound.

* "Given that Russia is one of the largest energy exporters, sugar price risks are skewed to the upside. Sugar can only ignore the demand for ethanol so long," website Brecorder said in a note.

* Rising crude oil prices prompt sugarcane mills in Brazil to divert more production to ethanol rather than sugar.  End

Edited by Avishek Dutta

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