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India Sugar: Falls in west on higher Jul sales quota; up 1.6% on ICE

Tuesday, Jun 30, 2020

 

By Preeti Bhagat

 

NEW DELHI – Following are the highlights of trading in the sugar market today:

 

* Changes in price per 100 kg

  –Prices were down 10 rupees at 3,500 rupees in Mumbai

  –Prices were down 20 rupees at 3,392 rupees in Kolhapur

  –Prices were at 3,330 rupees in Muzaffarnagar

  –Prices were at 3,335 rupees in Delhi

  –Prices were flat in north India because of lack of fresh cues

  –October contract on the Intercontinental Exchange Futures US was up 1.6% at 11.96 cents per pound

 

* Ex-mill prices of sugar in west India fell today because of higher sales quota fixed by the government for July.

 

* The Centre set the July sugar sale quota for mills at 2.10 mln tn, higher than 1.85 mln tn for June. For Maharashtra, monthly sales quota has been fixed at 602,477 tn.

 

   "Some mills reduced their prices today. People are waiting for minimum selling price announcement to sell sugar at new prices… stocks are being held back so godowns are full now."

   – Mukesh Kuvadia, secretary of Bombay Sugar Merchants Association.

 

* On ICE-US, futures contracts of raw sugar rose today as investors covered short positions after prices hit a one-month low of 11.39 cents per pound on Monday.

 

   "…up-tick came in line with a broad recovery across most of the commodity sector and firmer equities which continue to defy wider concerns regarding the ongoing spread of COVID-19, perhaps illustrating that concerns over speculators desire to hold longs are going to be purely centred around the macro picture."

   – Czarnikow, London-based brokerage.

 

End

 

US$1 = 75.50 rupees

 

Edited by Maheswaran Parameswaran

 

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