India Sugar
Down in key markets on sluggish demand
This story was originally published at 21:03 IST on 25 July 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell today due to poor demand at higher quoted prices, said traders. In Maharashtra, prices were down as demand fell due to inconvenience amid heavy rainfall in the state, they said.
Some mills in central Uttar Pradesh, which were quoting higher prices, cut prices by 40–50 rupees per 100 kg, as there was poor demand at higher rates, said Naresh Gupta, a local trader from north India. Moreover, demand remained muted as roads were shut and there was lack of transportation. Prices in the resale market also fell today by 5 rupees per 100 kg due to poor demand, said Gupta.
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.
Sweetener prices in Maharashtra fell by another 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 3,772-3,910 rupees per 100 kg in Mumbai
-Down 5 rupees at 3,570-3,700 rupees per 100 kg in Kolhapur
-Flat at 3,750-3,820 rupees per 100 kg in western Uttar Pradesh
-Down 40–50 rupees at 3,720-3,811 rupees per 100 kg in central Uttar Pradesh
At 1925 IST, the most active October sugar contract on the Intercontinental Exchange was up 3.4% at 18.52 cents per pound. Unica, the Brazilian Sugar Industry Association, reported on July 11 that Brazil's sugar production for the 2024-25 crop year through June was up 15.7% on year at 14.2 mln tn. Robust sugar output in Brazil, the world's largest producer, is negative for global sugar prices. End
US$1 = 83.70 rupees
Edited by Manisha Baxla
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