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Informist, Tuesday, Jul 23, 2024

By Taniva Singha Roy

MUMBAI - Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady today amid thin trade today, said traders. Prices are expected to remain at the current levels in the coming days as demand is unlikely to pick up, they said. 

Mills across Uttar Pradesh kept prices steady, after raising them during the past few days, said Naresh Gupta, a local trader from north India. Roads are closed in some parts of the state due to the Kanwar yatra, and trucks are also not available, hence buyers are reluctant to place orders, said Gupta. 

Prices are likely to remain steady for a few more days, as the religious yatra will go on for a week and buying might remain muted, Gupta said. Additionally, mills will not be able to meet the sales quota by the end of the month, so they are seeking an extension of the date.

Sugar prices in Maharashtra were also steady, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are expected to remain at the current levels in the coming days as demand is unlikely to pick up and mills in the state have sold most of their stocks, said Kuvadia.

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

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

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

-Flat at 3,740-3,830 rupees per 100 kg in western Uttar Pradesh

-Flat at 3,750-3,860 rupees per 100 kg in central Uttar Pradesh

At 1915 IST, the most active October sugar contract on the Intercontinental Exchange was steady at 18.30 cents per pound.  End

US$1 = 83.68 rupees

Edited by Vandana Hingorani

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