India Sugar
Steady in key markets on poor demand at higher rates
This story was originally published at 21:04 IST on 6 August 2024
Register to read our real-time news.Informist, Tuesday, Aug 6, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh and Maharashtra were steady for the second consecutive day today as there was poor demand at higher price levels, traders said.
Mills and resale markets across Uttar Pradesh kept prices steady today as there was poor demand, said Naresh Gupta, a local trader from north India. After the release of the sales quota for August, prices increased by about 150-160 rupees per 100 kg as the quota of 2.2 mln tn was deemed to be insufficient.
However, with the extension of the sales quota for July till Aug 15, mills have an additional quantity that needs to be sold during this month. Hence, the quota will be sufficient to meet the demand, Gupta said.
Sweetener prices in mills across Maharashtra were also steady today, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to fall by 10–15 rupees per 100 kg in the coming days as there is poor demand, he said.
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
Sugar prices on the Intercontinental Exchange were down 0.9% at 5.1 cents, on account of higher sugar availability in India. The India Sugar Mills and Bio-Energy Manufacturers Association has forecast a sugar surplus of up to 3.6 mln tn and urged the government to allow exports. Anticipation of higher sugar output weighed on global sugar prices. End
US$1 = 83.95 rupees
Edited by Vidhi Verma
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