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Informist, Wednesday, Jul 24, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar were up in the key markets of Uttar Pradesh today, traders said. Some mills that were not in a hurry to sell the sweetener, as they have sold most of their monthly stock to meet the quota, quoted higher prices, they said. In Maharashtra, prices fell slightly today due to poor demand, they said.

Some mills in Uttar Pradesh which have offloaded most of their stocks for the month raised prices by 5–10 rupees per 100 kg today, as they were not under pressure to sell, said Naresh Gupta, a local trader from north India.

Some mills in west Uttar Pradesh that are unlikely to meet the monthly sales quota, due to the Kanwar yatra, could seek an extension, and the government might grant those few mills the same, Gupta said.

Prices in the resale market in Uttar Pradesh were steady today as demand was muted. Demand is not likely to pick up during the ongoing religious gathering in the state, due to the unavailability of trucks, Gupta said. 

Sweetener prices in Maharashtra fell 5 rupees per 100 kg today, due to poor demand, said Mukesh Kuvadia, Secretary of the Bombay Sugar Merchants Association. In the coming days, prices are likely to fluctuate by 5–10 rupees per 100 Kg, Kuvadia said. 

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

-Down 5 rupees at 3,777-3,915 rupees per 100 kg in Mumbai

-Down 5 rupees at 3,575-3,705 rupees per 100 kg in Kolhapur

-Up 5-10 rupees at 3,750-3,820 rupees per 100 kg in western Uttar Pradesh

-Up 5–10 rupees at 3,760-3,861 rupees per 100 kg in central Uttar Pradesh

At 2000 IST, the most active October sugar contract on the Intercontinental Exchange was down 1.3% at 17.93 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 = 83.72 rupees

Edited by Aditya Sakorkar

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