Indian sugar at record high on delay in crushing

Indian sugar is trading at record high in Maharashtra and UP. Kolhapur Sugar made all-time high at Rs 3382.50/per tonne. Delay in crushing in Maharashtra, UP and Karnataka helped the sugar prices. Farmers in UP held back cane.

Crude prices fell 1% to trade below the $ 80 a barrel mark as doubts about the pace of economic recovery dented optimism toward a rebound in fuel demand.

Copper prices declined as rising inventories fueled concern that demand is waning for the metal. The metal was down just less than a percent. In other metals, Zinc, Tin and Nickel prices also dropped.

The Dollar traded near a one-week low against the euro as demand was boosted for higher-yielding assets. The dollar index continued to trade below the 76 mark.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Gold

Gold gained $2.5 to settle at $1087.30/ounce. Central Banks of Japan, S Korea and Australia showed no rush for IMF gold. Inability to cross $1100 may lead to liquidation.

Crude

Crude declined 1% to settle at $79.63/bbl. It was up 4% this week. US fuel demand was down 4.5% (YoY) and analysts expect US October unemployment may increase.

Base metals

Base metals declined on rise in inventories. Copper declined 1% to $6530/tonne. LME copper inventories were at 6-month highs and Shanghai copper inventories stood at 62% in 3 months.
 
India sugar @ record high

Indian sugar is trading at record high in Maharashtra and UP. Kolhapur Sugar made all-time high at Rs 3382.50/per tonne.

Delay in crushing in Maharashtra, UP and Karnataka helped the sugar prices. Farmers in Uttar Pradesh held back cane.
 
21 mills in Maharashtra started crushing versus 34 years ago. India 2009-10 output estimated at 16 million tonnes and India consumption stands at 23 million tonnes.

Farmer agitation

UP farmers is planning agitation in Parliament on November 19. Farmers' demand prices were more than Rs 200/quintal and UP has 40 lakh cane farmers.