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Informist, Wednesday, Jul 31, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Maharashtra rose today as there was demand in anticipation of prices rising further, said traders. In Uttar Pradesh, prices were steady today as there was weak demand at the current price levels, they said.

Mills in Maharashtra increased prices by another 10–20 rupees per 100 kg today, in anticipation of a further rise in prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. There was firm demand from bulk consumers of sugar, which also supported prices. Prices are likely to increase by another 10–20 rupees per 100 kg in the coming days, Kuvadia said. 

Sweetener prices in Uttar Pradesh were steady today, said Naresh Gupta, a local trader from north India. There was poor demand at the elevated price levels. Prices rose by about 170 rupees per 100 kg after the release of the sales quota for August after they had fallen by about 140 rupees per 100 kg earlier this month, Gupta said. Prices in the resale market were also steady today, Gupta added.

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

-Up 10–20 rupees at 3,830-3,920 rupees per 100 kg in Mumbai

-Up 10–20 rupees at 3,740-3,800 rupees per 100 kg in Kolhapur

-Flat at 3,885-3,980 rupees per 100 kg in western Uttar Pradesh

-Flat at 3,955-3,980 rupees per 100 kg in central Uttar Pradesh

At 2038 IST, the most-active October sugar contract on the Intercontinental Exchange was down 1% at 18.95 cents per pound. Sugar prices fell after the Indian Sugar and Bio-energy Manufacturers Association on Jul 3 reported India's 2023-24 sugar reserves at 9.1 mln tn and reported a surplus of 3.6 mln tn.  The group urged the government to allow increased exports of surplus sugar.  End

US$1 = 83.72 rupees

Edited by Akul Nishant Akhoury

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