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Informist, Thursday, Jul 18, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose for the third straight day, as demand improved in the state ahead of closure of roads in the last week of the month due to Kanwar yatra, said traders. In Maharashtra, prices were steady due to demand-supply parity, they said. 

Mills across Uttar Pradesh raised prices by 20–25 rupees per 100 kg today as they sold most of the stocks when there was good demand at lower price levels, and currently the mills are not eager sellers, said Naresh Gupta, a local 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 piligrame called Kanwar yatra begins in the last week of the month, Gupta said. During that week, roads across Uttar Pradesh will be blocked and transportation will be unavailable, he added.

Prices of the sweetener in Maharashtra were steady due to demand-supply parity, 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:

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

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

-Up 20–25 rupees at 3,740-3,815 rupees per 100 kg in western Uttar Pradesh

-Up 20–25 rupees at 3,740-3,830 rupees per 100 kg in central Uttar Pradesh

At 1642 IST, the most-active October sugar contract on the Intercontinental Exchange was down 0.8% from the previous close at 19.20 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 = 83.65 rupees

Edited by Tanima Banerjee

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