India Sugar
Mills in north raise prices after sharp fall earlier
This story was originally published at 17:59 IST on 15 July 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar rose in the key markets of Uttar Pradesh today as prices had fallen significantly in the past few days, said traders. Prices in Maharashtra were steady due to poor demand and supply, the traders said.
Mills across Uttar Pradesh raised prices by 10–20 rupees per 100 kg as they had cut prices by 60–70 rupees in the past few days, said Naresh Gupta, a local trader from north India. However, there was little demand at higher price levels, Gupta said. Prices in the resale markets were at the same level. The mills did not increase the prices as they were unable to offload the stocks in the pipeline, Gupta said.
There is pressure on the mills in Uttar Pradesh to meet the monthly sales quota as many key roads in the state will be closed for heavy vehicles in the last week of the month on account of Kanwar yatra, Gupta said. They have to sell most of the stocks by the end of this week, as preparations for the festival will start right after, he said.
In Maharashtra, sugar prices were steady in Vashi, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain steady if demand does not pick up in the coming days, Kuvadia said.
The following are the highlights of sugar prices in the domestic market today:
-Flat at 3,795-3,885 rupees per 100 kg in Mumbai
-Flat at 3,670-3,705 rupees per 100 kg in Kolhapur
-Up 10–15 rupees at 3,700-3,765 rupees per 100 kg in western Uttar Pradesh
-Up 10–20 rupees at 3,710-3,780 rupees per 100 kg in central Uttar Pradesh
At 1604 IST, the most-active October sugar contract on the Intercontinental Exchange was up 0.1% from the previous close at 19.22 cents per pound. Global sugar prices rose tracking the rise in crude oil prices. A rise in crude oil price encourages diversion of sugarcane for ethanol production, which reduces its supply for production of the sweetener. End
US$1 = 83.59 rupees
Edited by Ashish Shirke
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