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Informist, Monday, Jul 29, 2024

By Sayantan Sarkar

MUMBAI - Ex-mill prices of sugar in key markets of the country rose sharply today as the monthly sales quota for August was set 200,000 tn lower than July's figure. Market participants believe that the August sales quota of 2.2 mln tn is not adequate to meet the requisite demand, thereby boosting prices today. 

Additionally, demand for the sweetener is likely to rise in August ahead of the festival season later this year. Prices could rise further by 10-15 rupees per 100 kg in the coming days, said Mukesh Kuvadia, secretary of the Sugar Merchants Association.

In north India, mills in Uttar Pradesh raised prices by as much as 150 rupees per 100 kg today, while prices of sugar in local markets of Maharashtra rose by 30–40 rupees per 100 kg. Prices have increased by 80–90 rupees per 100 kg in the last couple of trading days, said Kuvadia.  

Sentiment was supported as mills were expecting a much higher sales quota for August, said Naresh Gupta, a north India-based sugar dealer. 

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

-Up 30–40 rupees at 3,902-3,992 rupees per 100 kg in Mumbai

-Up 30–40 rupees at 3,670-3,720 rupees per 100 kg in Kolhapur

-Up 150 rupees at 3,880-3,970 rupees per 100 kg in western Uttar Pradesh

-Up 150 rupees at 3,950-3,970 rupees per 100 kg in central Uttar Pradesh

At 1737 IST, the most-active October sugar contract on the Intercontinental Exchange was up 2.7% at 18.92 cents per pound. Sugar prices rose today due to lower-level buying after prices had fallen sharply last week due to concerns over increased production of the sweetener from Brazil, the world's biggest producer.  End

US$1 = 83.72 rupees

Edited by Vandana Hingorani

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