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Informist, Tuesday, Jul 16, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose for the second consecutive day as demand picked up, said traders. Mills in Maharashtra, on the other hand, cut prices due to poor demand, they said.

Mills in west Uttar Pradesh raised prices by 20–25 rupees per 100 kg today, while those in the central part of the state raised prices by 10–15 rupees per 100 kg, said Naresh Gupta, a trader from north India. There was demand at the elevated prices as the resale market and other buyers are stocking up on the sweetener before the religious gathering of Kanwar yatra, which starts in the last week of the month, Gupta said.

During that week, roads across Uttar Pradesh will be blocked and transportation will be unavailable, Gupta said. Mills in the state also plan to seek an extension to meet the sales quota for the month as they might not be able to offload the entire stock by Jul 24-25, Gupta added. 

Prices of the sweetener in Maharashtra fell by 10 rupees per 100 kg today due to poor demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices have fallen by around 50 rupees this month due to sluggish demand and are likely to stabilise at current levels, Kuvadia said.

The following are the highlights of sugar prices in the domestic market today:

-Down 10 rupees at 3,785-3,872 rupees per 100 kg in Mumbai

-Down 10 rupees at 3,650-3,680 rupees per 100 kg in Kolhapur

-Up 20–25 rupees at 3,720-3,790 rupees per 100 kg in western Uttar Pradesh

-Up 10–15 rupees at 3,725-3,800 rupees per 100 kg in central Uttar Pradesh

At 1600 IST, the most-active October sugar contract on the Intercontinental Exchange was down 0.3% from the previous close at 19.71 cents per pound. Global sugar prices fell, tracking losses in crude oil prices. A fall in crude oil prices discourages diversion of sugarcane for ethanol production, which increases its supply for production of the sweetener.  End

US$1 = 83.58 rupees

Edited by Avishek Dutta

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