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Informist, Friday, Jul 26, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Maharashtra rose significantly today after the release of the sales quota for August, as the market deems it to be insufficient for the month, traders said. Sugar prices in Uttar Pradesh, on the other hand, remained steady, they said.

Mills in Maharashtra raised prices by 30–40 rupees per 100 kg, as the sales quota of 2.2 mln tn set by the government for August is seen to be insufficient, as demand is going to increase due to festivals approaching, said Mukesh Kuvadia, secretary of the Sugar Merchants Association.

Moreover, mills are not in a hurry to sell and meet the sales quota for July, as the government has extended the time to meet this month's sales quota till Aug 15, Kuvadia said. This might lead prices to increase further, he added.

Mills in Uttar Pradesh kept prices steady today as there was subdued demand, but mills were not in a hurry to sell, due to the extension granted by the government to meet the quota for the month, said Naresh Gupta, a local trader from north India. Mills in the state might increase rates in the coming days, owing to the lower sales quota, he added.

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

-Up 30–40 rupees at 3,802-3,950 rupees per 100 kg in Mumbai

-Up 30–40 rupees at 3,600-3,740 rupees per 100 kg in Kolhapur

-Flat at 3,750-3,820 rupees per 100 kg in western Uttar Pradesh

-Flat at 3,720-3,811 rupees per 100 kg in central Uttar Pradesh

At 1829 IST, the most-active October sugar contract on the Intercontinental Exchange was down 1% at 18.48 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 Tanima Banerjee

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