✍ MCX DAILY LEVELS DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
30-SEP-2016
109
108
107
107
106
106
105
104
104
COPPER
31-SEP-2015
318
316
314
312
312
310
308
308
306
CRUDE OIL
19-SEP-2016
3861
3611
3361
3248
3111
2998
2861
2611
2361
GOLD
05-OCT-2016
31712
31546
31380
31299
31214
31133
31048
30882
30716
LEAD
30-SEP-2016
131
130
129
128
128
127
126
125
124
NATURAL GAS 26-AUG-2016
200
196
192
190
188
186
184
180
176
NICKEL
30-SEP-2016
729
716
703
697
690
684
677
664
SILVER
04-SEP-2015
48265
47630
46995
46594
46360
ZINC
05-DEC-2016
159
157
155
154
153
651
45959
45725
45090
44455
152
151
149
147
✍ MCX WEEKLY LEVELS WEEKLY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
30-SEP-2016
112
110
108
107
106
105
104
102
100
COPPER
31-AUG-2015
327
322
317
315
312
310
307
302
297
CRUDE OIL
19-AUG-2015
3381
3306
3131
3182
3156
3107
3081
3006
2931
GOLD
05-OCT-2015
32834
32290
31746
31481
31202
30937
30658
30114
29570
LEAD
30-SEP-2015
146
140
134
131
128
125
123
117
111
NATURAL GAS 26-AUG-2015
221
209
197
192
185
180
173
161
149
NICKEL
30-SEP-2016
779
747
715
704
683
672
651
616
587
SILVER
05-DEC-2016
51418
49834
48250
47222
46666
45638
45082
43498
41914
ZINC
30-SEP-2016
172
166
160
157
154
151
148
142
136
Monday, 12 September 2016
WEEKLY MCX CALL BUY CRUDEOIL SEP ABOVE 3120 TGT 3170 SL 3070 PREVIOUS WEEK CALL BUY GOLD OCT ABOVE 3100 TGT 31350 SL 31097 - TGT ACHEIVED
✍ FOREX DAILY LEVELS DAILY
EXPIRY
R4
USDINR
29 AUG 2016
67.80
EURINR
29 AUG 2016
76.20
GBPINR
29 AUG 2016
JPYINR
29 AUG 2016
R3
R2
R1
PP
S1
S2
S3
S4
67.18
67
66.85
66.65
66.45
66.20
75.80
75.60
75.20
75
74.80
74.60
74.40
89.85
89.60 89.35
89.15
89
88.85
88.65
88.45
88.20
66.20
65.80 65.60
65.60
65.20
65
64.80
64.60
64.20
67.60 67.40 76
✍ FOREX WEEKLY LEVELS DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
USDINR
29 AUG 2016
68.15
67.85
67.55
67.22
66.95
66.65
66.30
66
65.75
EURINR
29 AUG 2016
76.60
76.30
76
75.70
75
74.70
74.40
74.10
73.80
GBPINR
29 AUG 2016
90.30
89.95
89.65
89.25
89
88.75
88.30
88
87.70
JPYINR
29 AUG 2016
66.40
66.10
65.80
65.60
65.30
65
64.70
64.40
64.10
WEEKLY FOREX CALL BUY GBPINR SEP ANBOVE 89.40 TGT 89.90 SL 88.80 PREVIOUS WEEK CALL BUY GBPINRSEP ABOVE 89.20 TGT 89.77 SL 88.64 - CLOSED AT 89.05 BUY JPYINR SEP ABOVE 65.49 TGT 66.10 SL 64.98 - MADE HIHG OF 65.69
✍ NCDEX DAILY LEVELS DAILY
EXPIRY
SYOREFIDR
20-AUG-2015
SYBEANIDR
20-AUG-2015
RMSEED
R4
R3
R2
R1
PP
S1
S2
S3
S4
669
664
661
660
657
655
651
646
3591
3548
3505
3477
3462
3434
3419
3376
3333
18-SEP-2015
4988
4922
4856
4813
4790
4747
4724
4658
4592
JEERAUNJHA
18-SEP-2015
19530 19155
18780
18545
18405 18170 18030 17655
17280
GUARSEED10
20-OCT-2015
3829
3769
3709
3678
3649
3619
3589
3529
3469
TMC
20-SEP-2015
7922
7856
7790
7754
7724
7688
7658
7592
7526
DATE
674
✍ NCDEX WEEKLY LEVELS WEEKLY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR
20-OCT-2016
702
687
672
664
657
649
642
627
612
SYBEANIDR
20-OCT-2016
3635
3526
3417
3369
3308
3260
3199
3090
2981
RMSEED
20-OCT-2016
5265
5090
4915
4807
4740
4632
4565
4390
4215
JEERAUNJHA
20-OCT-2016 21170 20080
18990
18295
17900 17205 16810 15720
14630
GUARSEED10
20-OCT-2016
4201
3987
3773
3653
3559
3439
3345
3131
2917
TMC
20-OCT-2016
7647
7397
7147
6995
6897
6745
6647
6397
6147
DATE
WEEKLY NCDEX CALL BUY JEERA OCT ABOVE 17600 TGT 18000 SL 17200 PREIOUS WEEEK CALL BUY JEERA OCT ABOVE 18300 TGT 18803 SL 17798 - SL TRIGGERED BUY MAIZERABI SEP ABOVE 1550 TGT 1609 SL 1489 - CLOSED AT 1574
MCX - WEEKLY NEWS LETTERS � GLOBAL UPDATE Oil prices extended gains on Tuesday, buoyed after top producers Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but a lack of immediate action to rein in output capped gains. London Brent crude for November delivery was up 22 cents at $ 47.85 a barrel by 0643 GMT, after settling up 80 cents on Monday. The global benchmark on Monday hit a near one-week high of $ 49.40 after the Russia-Saudi news, but has since pared gains after Saudi Energy Minister Khalid alFalih said there was no need now to freeze production. He added, however, that freezing output was one of the preferred possibilities. NYMEX crude for October delivery did not settle on Monday due to U.S. Labor Day holiday. It was trading roughly 30 cents higher from late Monday, up 94 cents at $ 45.38 a barrel. It rose as high as $ 46.53 on Monday, the highest since Aug. 30. Russian Energy Minister Alexander Novak said Russia and Saudi Arabia were moving towards a strategic energy partnership and that a high level of trust would allow them to address global challenges. The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia will hold informal talks in Algeria later in September. "The two nations' cooperation is understandable," said Kaname Gokon, a strategist with Okato Shoji Co Ltd. "But when oil output is reduced, other producers would receive the benefit. There is still a question whether they can cut production for a sustainable period." Several OPEC producers have called for an output freeze to rein in the glut, which arose as supplies from high-cost producers such as the United States soared. Russia's Novak said outright oil production cuts may also be discussed in Algeria. Gold gained in Asia on Tuesday as investors continued to mull the chances of a Fed rate hike this month in the wake of weaker than expected U.S. jobs data at the end of last week. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.31% to $ 1,330.85 a troy ounce. Silver futures on the Comex for December delivery added 1.35% to $ 19.627 a troy ounce, while copper futures were last quoted flat at $ 2.082 a pound. Overnight, gold prices held steady near a one-week high during North American hours on Monday, as trade volumes were expected to remain light with many investors in the U.S. away for the Labor Day holiday. On Friday, gold rallied to a oneweek peak of $1,334.00 as disappointing U.S. employment data diminished the likelihood that the Federal Reserve will raise interest rates at its policy meeting later this month. The U.S. economy added 151,000 jobs in August, disappointing expectations for an increase of 180,000 and slowing from the 275,000 positions created in July, the Labor Department said Friday. The unemployment rate remained unchanged at 4.9% this month, confounding expectations for a downtick to 4.8%, while average hourly earnings rose 0.1%, below expectations for a 0.2% increase. While the disappointing data dampened expectations for a near-term rate hike, investors still believe the Fed will hike rates at least once before the end of the year, most likely in December. The precious metal is sensitive to
moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. A report on U.S. service sector growth on Tuesday will be the highlight of the holiday-shortened week, as Fed officials recently indicated that the pace of interest rate increases will be data-dependent. Besides the services PMI, the shortened week could be a relatively quiet one with Wednesday's Fed Beige Book release and JOLTS jobs turnover data also in focus. Brent crude prices edged lower during Europe's session on Tuesday, as optimism surrounding an agreement between Saudi Arabia and Russia to stabilize the oil market began to fade. On the ICE Futures Exchange in London, Brent oil for November delivery declined 35 cents, or 0.7%, to trade at $ 47.28 a barrel by 4:15AM ET. Brent spiked by more than 5% on Monday to touch an intraday peak of $ 49.40 after Saudi Arabia and Russia pledged to work together to support the market. But prices pared gains later in the session to end well off the daily high at $ 47.63 amid disappointment over the details of the agreement. The world’s two largest oil producers said they will set up a working group to monitor the oil market and come up with recommendations to promote stability. Saudi Arabian oil minister Khalid al-Falih and his Russian counterpart, Alexander Novak, will meet in Algeria in October and in Vienna in November to discuss how to cooperate under the new agreement. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia and other big Middle East crude exporters, will meet non-OPEC producers led by Russia at informal talks in Algeria between September 26 and 28 to discuss a freeze output. Despite the supportive remarks, chances that the upcoming meeting in late September would yield any action to reduce the global glut appeared minimal, according to market experts. Instead, most believe that oil producers will continue to monitor the market and possibly postpone freeze talks to the official OPEC meeting in Vienna on November 30. An attempt to jointly freeze production levels earlier this year failed after Saudi Arabia backed out over Iran's refusal to take part of the initiative, underscoring the difficulty for political rivals to forge consensus. Meanwhile, crude oil for October delivery on the New York Mercantile Exchange was at $ 45.01 a barrel, 57 cents, or 1.3%, higher than its last settlement on Friday. Oil prices trimmed earlier gains during North American hours on Monday, after an announcement from Saudi Arabian and Russian officials failed to live up to market expectations. On the ICE Futures Exchange in London, Brent oil for November delivery jumped more than 5% to touch a daily peak of $ 49.40 a barrel earlier in the day before giving back some gains to trade at $ 47.18 by 8:42 AM ET, up just 35 cents, or 0.75%. Meanwhile, crude oil for October delivery on the New York Mercantile Exchange tacked on 77 cents, or 1.74%, to trade at $ 44.92 a barrel after soaring more than 5% to a session high of $ 46.53. Oil prices spiked sharply on reports that Saudi Arabia and Russia planned to make a joint statement at the G20 meeting in China on Monday. But futures started to give back some gains amid disappointment over the details of the agreement. The world’s two largest oil producers said they will set up a working group to monitor the oil market and come up with recommendations to
promote stability, according to reports. Saudi Arabian oil minister Khalid al-Falih and his Russian counterpart, Alexander Novak, will meet in Algeria in October and in Vienna in November to discuss how to cooperate under the new agreement, the reports said. OPEC members are set to discuss a potential production cap at an informal meeting on the sidelines of an energy conference in Algeria between September 26-28. On Friday, crude settled 3% higher after Russian President Vladimir Putin said in an interview with Bloomberg that an agreement between major oil exporters to freeze output would be the right decision to support the market. His comments followed similar rhetoric from Saudi Arabia's foreign minister Adel al-Jubeir, who reportedly said on Thursday that some sort of a production agreement could be made between OPEC and non-OPEC producers at this month's meeting. Despite the supportive remarks, chances that the upcoming meeting in late September would yield any action to reduce the global glut appeared minimal, according to market experts. Instead, most believe that oil producers will continue to monitor the market and possibly postpone freeze talks to the official OPEC meeting in Vienna on November 30. An attempt to jointly freeze production levels earlier this year failed after Saudi Arabia backed out over Iran's refusal to take part of the initiative, underscoring the difficulty for political rivals to forge consensus. U.S. natural gas futures fell to the lowest level in nearly two weeks on Monday, as traders reacted to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning. But with autumn due to start on September 22, power burns to feed air conditioning demand have probably peaked for now, market analysts said. Natural gas for delivery in October on the New York Mercantile Exchange touched an intraday low of $ 2.734 per million British thermal units, the weakest level since August 23. It was last at $ 2.738 by 10:42AM ET, down 2.6 cents, or 0.94%. Trade volumes were expected to remain light on Monday, with many investors in the U.S. away for the Labor Day holiday. Trading in natural gas ends at 1:00PM ET, while U.S. stock markets are closed for trading all day. Summer heat has waned and cooler temperatures beckon with the approach of autumn, when gas demand typically slackens and prices fall. Total gas in storage currently stands at 3.401 trillion cubic feet, according to the U.S. Energy Information Administration, 7.0% higher than levels at this time a year ago and 9.8% above the five-year average for this time of year. Unless intense late-summer heat boosts demand from power plants, stockpiles could possibly test physical storage limits of 4.3 trillion cubic feet at the end of October. Oil prices inched lower on Wednesday as market participants remained skeptical that producers will reach an agreement to freeze output to rein in a global supply glut. London Brent crude for November delivery was down 4 cents at $ 47.22 a barrel by 2018 EST, after settling down 37 cents on Tuesday. NYMEX crude for October delivery was down 8 cents at $ 44.75, after settling up 39 cents on Tuesday. Oil prices hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but they have since fallen due to the mounting uncertainty over a deal.
The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia will hold informal talks in Algeria on Sept. 26-28, but many in the market are skeptical a deal will happen. Saudi Arabia's Foreign Minister Adel al-Jubeir said on Tuesday it would go along with a freeze in oil output if other producers agreed one but cautioned that Iran, which is aiming to raise output to pre sanction levels, could foil any attempt to limit output. Iran, however, signaled on Tuesday it was prepared to work with Saudi Arabia and Russia to prop up oil prices as it began to bargain with OPEC on possible exemptions from output limits. On demand, traders said Genscape data showed a draw of some 700,000 barrels last week at the Cushing, Oklahoma, delivery hub for U.S. crude futures. U.S. commercial crude inventories likely fell by 100,000 barrels last week after rising for two straight weeks, a preliminary Reuters poll showed on Tuesday. Gasoline stocks likely fell by 500,000 barrels, while distillate stocks are forecast to have increased by 1 million barrels, the poll showed. The American Petroleum Institute is set to release the weekly oil data on Wednesday, delayed a day from usual due to the Labor Day holiday on Monday. Gold prices held mostly steady in Asia on Wednesday as investors took profits after a rally spurred by diminished expectations for a Fed rate hike this month. Gold for December delivery on the Comex division of the New York Mercantile Exchange traded between small gains and losses around $ 1,353.75 a troy ounce. Overnight, gold prices extended gains from Europe's session in North American trade on Tuesday, touching a more than one-week high amid reduced expectations that the Federal Reserve will raise interest rates at its policy meeting later this month. According to polls Fed Rate Monitor Tool, investors are pricing in an 18% chance of a rate hike at the Fed's September 20-21 meeting in wake of last week's disappointing U.S. employment data. Investors returning from the long Labor Day weekend looked ahead to fresh economic data for more hints on the timing of a U.S. rate hike. The U.S. Institute of Supply Management released data on August service sector activity that came in at 51.4, well below the 55.0 expected. The data takes on extra importance after the ISM manufacturing survey published last week showed a shocking contraction in activity. While expectations for a near-term rate hike have been scaled back, investors still believe the Fed will hike rates at least once before the end of the year, most likely in December. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases. Iran signalled on Tuesday it was prepared to work with Saudi Arabia and Russia to prop up oil prices as Tehran began to bargain with OPEC on possible exemptions from output limits. Iran has been the main factor preventing an output deal between OPEC and Non-OPEC Russia as Tehran argued it should be excluded from any such agreement before its production recovers from Western sanctions that ended in January. Iran's rival Saudi Arabia has said it would agree to a deal only if Tehran took part. However, with Iranian production rising close to pre-sanctions levels, Riyadh has signaled in
recent weeks it is ready to compromise. Russia has also said it was ready to accept certain exemptions, especially as Iran was close to reaching output levels of 4 million barrels per day after which it could no longer boost production further. On Monday, Russia and Saudi Arabia signed a pact agreeing to work together to help balance the oil market but giving little detail on possible action to help eradicate a global glut. On Tuesday, Iranian Oil Minister Bijan Zanganeh met OPEC Secretary-General Mohammed Barkindo in Tehran and said he would support any measure to stabilize crude prices at around $ 50-60 per barrel. "Iran wants a stable market and therefore any measure that helps the stabilization of the oil market is supported by Iran," Zanganeh said. OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28, during which they are expected to discuss a possible output freeze. Russia is also expected to attend the IEF. Hit by global oversupply, oil prices collapsed to as low as $27 per barrel earlier this year from as high as $115 in mid-2014, but have since recovered to around $47. "We support oil prices between $50 and $60 per barrel," Zanganeh said. Most OPEC producers and Russia are pumping at capacity. Only Iran and potentially Iraq could raise output in the medium term. The key question for a potential freeze, therefore, would be at which levels production is frozen. If production is stabilized at early-2015 levels, it would effectively mean a cut as most producers including Saudi Arabia, Russia, Iraq and Iran - have ramped up output since then. Seyed Mohsen Ghamsari, director of international affairs at National Iranian Oil Co, said on Monday Iran was ready to raise production to 4 million bpd in the next two to three months depending on market demand. A source familiar with Iranian thinking said on Tuesday the Saudi-Russian pact was making a global output agreement more likely. "Surely Iran at some point reached production capacity of slightly more than 4 million bpd, but actual production just before the imposition of sanctions was below 4 million," the source said. "The shuttle diplomacy is going on to clear which level is considered an aim for Iran," he added. A source familiar with Gulf thinking said if no compromise with Iran were found before the meeting in Algeria, there would be time to secure one ahead of OPEC's regular gathering in November in Vienna. Gold demand in Asia remained subdued this week as higher prices kept buyers at bay, but upcoming festivals following a good monsoon in India would likely stimulate appetite for the yellow metal. The safe-haven bullion has risen nearly 1 percent this week after weak U.S. jobs data last week lowered expectations of an imminent September rate hike by the Federal Reserve. "In previous years, physical demand was driven by Asian demand, this does not appear to be the case this year. Key will be whether Indian and Chinese retail demand returns," analysts at ScotiaMocatta said. "In India, demand for physical gold and jewellery in the months ahead are expected to benefit from a good monsoon." Two-thirds of demand in India, the world's second-biggest gold consumer, comes from its rural areas and villages, where jewellery is a traditional form of investment. Discounts over official domestic prices in India doubled this week to $ 32 an ounce as compared to last week on the back of sluggish
retail buying. "Last week demand was good, but the recent price rise again moderated demand," said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. Gold prices MAUc1 in India have risen 1.5 percent so far this month and were trading around 31,200 rupees per 10 grams on Friday. "Retail buyers are not comfortable in paying above 31,000 rupees. They are waiting for a price correction," he said. Demand for gold is expected to strengthen in the final quarter as India gears up for festivals such as Diwali and Dussehra, when buying the metal is considered auspicious. Premiums in top consumer China varied between $ 1 and $ 1.50 an ounce to the spot benchmark XAU= , down from $3-4 last week. "In China, concerns about the weakening yuan may well prompt a pick-up in buying of gold as a hedge against a depreciating currency," ScotiaMocatta analysts said in a note. NCDEX - WEEKLY MARKET REVIEW Faced with a sharp decline in soybean meal and other value-added products’ exports over the past few years, India’s ministry of commerce and industry has decided to send a six-member delegation to major importing countries to understand importers’ problems. The committee, headed by Davish Jain, chairman of the Soybean Processors Association of India, showed soybean meal exports dropped 66 per cent in August to 10,615 tonnes, compared to 31,157 tonnes a year ago. During the April-August 2016 period, India’s soybean meal exports recorded a 62 per cent decline to 63,522 tonnes from 1,68,054 tonnes in the same period last year. “We are not competitive in the world market because of higher raw material or soybean prices in India and lower realization from exports of meal. Our soybean prices are determined by domestic farmers, while refined soya oil and soymeal prices are set by crushers in Brazil due to cheap import of RSO,” said D N Pathak, executive director, Soyabean Processors Association of India. Meanwhile, a letter sent by the commerce ministry to embassies in Japan, Vietnam, the Philippines and Thailand seeks extension of full cooperation to the delegation, which would visit these countries between September 18 and 30 to explore the market and meet prospective buyers. Soybean crushing has been lower due to a sharp decline in output. Data compiled by the SOPA estimate India’s soybean output at 7.54 million tonnes in crop year 2015-16 compared to 10.37 million tonnes in 2014-15, thus witnessing a decline of 27 per cent. Soybean output, thus, hit the lowest in 11 years in 2015-16 due to drought in major growing states including Maharashtra and Gujarat. Govt plans to raise soymeal exports India would need to increase yield 1.5 times to ramp up soybean output and reduce import of RSO, said Pathak. India currently imports RSO at 12.5 per cent, which the industry urged the government to raise to at least 25 per cent to help raise oil prices and make crushing from local sources viable. Industry sources believe India’s export of soybean meal has declined to ‘nil’ as the value of India’s exported goods is costlier by $ 100-150 a tonne in importing countries such as Vietnam, Japan etc compared to sourcing the same from Brazil and Argentina - the world’s two large soybean producers. “India has been a major exporter of soybean meal to the Far East and SEA southeast Asia. However, during the past couple of years, our exports have fallen drastically due to disparity in prices. This year, the crop looks very good and there is every possibility that we can
re-enter these markets with competitive prices and the added advantage of being totally nongenetically modified,” said the ministry’s letter.
➢
India may import the most wheat in a decade as output declines in the world's second-biggest
producer. Imports may total 5 million metric tonnes in 2016-17, the most since 2006-07, according to the median estimate of seven traders surveyed by Bloomberg. Production is set to decline 1.8 per cent to 85 million metric tonnes in the year through June from a year earlier, according to the median estimate of nine traders and flour millers That's the lowest since 2009-10 and compares with the government's estimate of 94.8 million tonnes. "One of the most critical issues is what's the production number going to look like," Abdolreza Abbassian, senior economist at the United Nations' Food & Agriculture Organization in Rome, said. "There will be higher imports than a year earlier, but nothing too big because of the large stocks." Even as dry weather curbs output for a second year, stockpiles at the start of May were 14 per cent bigger than the government's July 1 target, Food Corp of India data show. While India decided last week to extend its 25 per cent import duty on wheat, some southern flour mills are already sourcing grain from overseas. Demand for wheat is robust and steadily increasing, according to BK Anand, head of grain and oilseeds business, Cargill India . ➢
Prices of cooking oils produced in India such as mustard oil, groundnut oil and cottonseed oil have
gone up 5-6% in the past fortnight amid supply constraints. Consumers can heave a sigh of relief, though, since palm oil has become 7.5% cheaper during this period due to increase in production in Malaysia and Indonesia."Production of mustard, groundnut and cottonseed suffered in both kharif and rabi seasons due to erratic weather conditions," said Sandeep Bajoria, CEO of oil consultancy firm Sunvin Group. "Moreover since monsoon has been delayed by a week this year, the market sentiment has firmed, which is reflected in prices," The arrival of the south-west monsoon has kick-started seasonal farming activity, with farmers taking up sowing of key kharif crops such as rice, pulses, oilseeds and cotton in several states. According to the preliminary data put out by the agriculture ministry, sowing of kharif crops was complete on about 71.24 lakh hectares on June 10, about 7% lower than last year's acreage of 76.65 lakh hectares ➢ Sugar prices drifted lower by Rs 40 per quintal at the wholesale market in the national capital today following ample stocks on increased supplies from millers amid subdued demand from stockists as well as bulk consumers.Besides, weakening trend in futures markets too weighed on sweetener prices. Marketmen said the fall in sugar prices was mostly attributed to supply pressure against slackened demand from stockists and bulk consumers such as soft-drink and ice-cream. Sugar ready M-30 and S30 prices were down by Rs 20 each to end at Rs 3,620-3,700 and Rs 3,610-3,690 per quintal. Similarly, mill delivery M-30 and S-30 traded lower by Rs 20 each to Rs 3,380-3,450 and Rs 3,3703,440 per quintal. In the millgate section, sugar Sakoti, Asmoli and Dorala fell by Rs 40 each to Rs 3,380, Rs 3,400 and Rs 3,390 per quintal.
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