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Informist, Thursday, Aug 1, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar rose in key markets of Maharashtra for the fifth straight day, as there was firm demand in anticipation of a further rise in prices, traders said. Prices were largely steady in Uttar Pradesh, and there was poor demand at higher price levels, they said. 

Mills in Maharashtra raised prices by 10 rupees per 100 kg today, as buyers are of the view that prices will rise even more, 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 rates in Uttar Pradesh were largely steady due to poor demand at higher price levels, said Naresh Gupta, a local trader from north India. Prices also fell due to the unavailability of trucks, amid the ongoing Kanwar yatra, said Gupta. A few mills raised prices slightly by 5–10 rupees per 100 kg today but no business took place at the quoted prices. In the resale market too, prices were steady today, Gupta added.

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

-Up 10 rupees at 3,8440-3,930 rupees per 100 kg in Mumbai

-Up 10 rupees at 3,750-3,810 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 1923 IST, the most-active October sugar contract on the Intercontinental Exchange was down 1.2% at 18.71 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 were 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 = 83.71 rupees

Edited by Vidhi Verma

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