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Informist, Monday, Aug 5, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar were steady across key markets of Uttar Pradesh and Maharashtra today as the higher quoted rates were not absorbed by the market and there was poor demand, traders said. Mills in both the states increased rates by over 100 rupees per 100 kg after the release of the sales quota for August, as it was considered to be insufficient, they said.

Mills in Uttra Pradesh kept prices largely steady as there was poor buying at the current price levels, said Naresh Gupta, a local trader from north India. During the past few days, there was unavailability of trucks, which led to poor demand from resellers, said Gupta. The Centre has set the domestic sugar sales quota for August at 2.2 mln tn, down from 2.4 mln tn last month, which the millers deemed insufficient for the month and raised rates during the past few days. 

A few mills in the western part of Uttar Pradesh, however, quoted 5 rupees higher prices, but there was no demand at those price levels, said Gupta. Prices in resale markets were also higher by 10–15 rupees per 100 kg today, but there was no demand at those rates, Gupta added.

Sweetener rates in Maharashtra were steady today as there was poor demand for higher prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels as they have increased by about 100 rupees per 100 kg in the past few days, and the household demand and demand from bulk consumers have already been met, said Kuvadia. 

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

-Flat at 3,872-3,950 rupees per 100 kg in Mumbai

-Flat 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 2024 IST, the most-active October sugar contract on the Intercontinental Exchange was up 0.6% at 18.22 cents per pound. Unica, the Brazilian Sugar Industry Associate, reported last Thursday that Brazil's Center-South sugar output in the first half of July fell 9.7% on year to 2.9 mln tn. Lower output supported global sugar rates.  End

US$1 = 83.84 rupees

Edited by Vidhi Verma

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