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Informist, Monday, Jul 22, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose today as mills had cut prices significantly earlier, said traders. In Maharashtra, sugar prices rose today as demand improved slightly, they said.

Mills across Uttar Pradesh increased prices by 25–30 rupees per 100 kg in anticipation of firm demand ahead of the Kanwar yatra, a religious gathering, as roads will be blocked during the time and transportation might not be available, said Naresh Gupta, a local trader from north India. However, little buying took place at the higher quoted prices today, Gupta said. 

The resale market also raised prices by 10–15 rupees per 100 kg in anticipation of demand increasing, said Gupta. Additionally, he said that mills will not be able to meet the sales quota by the end of the month, so they are urging an extension of the date for meeting the sales quota for the month.

Mills in Maharashtra also raised sweetener prices by 10 rupees per 100 kg, as demand picked up slightly at lower price levels, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Buyers must have exhausted their stocks in the pipeline, which is why demand was firm today, said Kuvadia.

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

-Up 10 rupees at 3,782-3,920 rupees per 100 kg in Mumbai

-Up 10 rupees at 3,580-3,710 rupees per 100 kg in Kolhapur

-Up 25-30 rupees at 3,740-3,830 rupees per 100 kg in western Uttar Pradesh

-Up 25-30 rupees at 3,750-3,860 rupees per 100 kg in central Uttar Pradesh

At 1817 IST, the most active October sugar contract on the Intercontinental Exchange was down 1.8% from the previous close at 18.34 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 Akul Nishant Akhoury

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