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Informist, Friday, Aug 2, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Maharashtra rose again today, as there is firm demand for the commodity ahead of festivals, said traders. In Uttar Pradesh, prices were steady today, due to poor demand at higher price levels, they said. 

Mills in Maharashtra, raised prices by 10–20 rupees per 100 kg, as it is the beginning of the month and demnd is firm from households and bulk consumers such as ice-cream and cold-drink manufacturers, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Moreover, there was firm demand in anticipation of a further rise in prices, Kuvadia added.

Rates of the sweetener in Uttar Pradesh were largely steady due to poor demand at higher price levels, said Naresh Gupta, a local trader from north India. Due to the unavailability of trucks, amid the ongoing Kanwar yatra there was sluggish demand, 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.

"After the yatra ends and roads open up for trucks and vehicles, we can see a clearer picture of demand at the current price levels," said Gupta. In the resale market, too, prices were steady today in the state as there was hardly any buying, he said. 

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

-Up 10–20 rupees at 3,872-3,950 rupees per 100 kg in Mumbai

-Up 10–20 rupees at 3,790-3,815 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 2006 IST, the most active October sugar contract on the Intercontinental Exchange was down 2.4% at 18.06 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 = 83.75 rupees

Edited by Deepshikha Bhardwaj

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