India Sugar
Steady in key markets; ICE prices dn tracking crude oil
This story was originally published at 18:56 IST on 19 July 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady today as demand was on a par with supply, said traders. Prices in Uttar Pradesh are likely to increase in the coming days, while those in Maharashtra are likely to remain steady, they said.
Mills in Uttar Pradesh had kept prices unchanged today as demand was subdued because resalers have already stocked up when mills had reduced prices significantly, said Naresh Gupta, a local trader from north India.
Prices in the resale market were also flat today, as demand was not brisk at the prevailing rates, Gupta said. Mills, however, might increase prices in the coming week as demand is likely to increase before roads in the state close due to Kanwar yatra, he said.
Prices of the sweetener in Maharshtra also remained steady as supply balanced demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain steady at the current levels as demand is unlikely to pick up, 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
-Flat at 3,740-3,815 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,740-3,830 rupees per 100 kg in central Uttar Pradesh
At 1713 IST, the most active October sugar contract on the Intercontinental Exchange was down 0.1% from the previous close at 18.83 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 = 83.66 rupees
Edited by Deepshikha Bhardwaj
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