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Informist, Wednesday, Aug 7, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh remained largely unchanged today, compared to the previous day, as most of the mills in the state did not cut prices of the commodity despite poor demand. Mills in Maharashtra cut prices today due to poor demand, traders said. 

Mills in western Uttar Pradesh kept prices steady today as there was poor demand at higher rates, said Naresh Gupta, a local trader from north India. A few mills in central Uttar Pradesh, however, raised prices by 10 rupees per 100 kg, but there was no demand at the quoted rates, he said.

Similarly, resale market prices in west Uttar Pradesh fell by 5–10 rupees per 100 kg. On the other hand, resale markets in central parts of the state increased prices by 10–15 rupees per 100 kg, as they have sold most of the stocks, Gupta said.

Mills in Maharashtra cut prices by 10–15 rupees today due to poor demand at higher rates, said Ashfaq Vidhani, a trader from Latur, Maharashtra. Sweetener prices in Maharashtra increased by over 100 rupees after the release of the sales quota for August. The Centre set a sales quota of 2.2 mln tn for August, which was deemed insufficient, and the mills in the state raised rates at the time.

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

-Down 10–15 rupees at 3,862-3,935 rupees per 100 kg in Mumbai

-Down 10–15 rupees at 3,780-3,800 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 2030 IST, sugar prices on the Intercontinental Exchange were up 0.2% at 17.9 cents, tracking crude oil prices on the NYMEX. Global sugar prices rose, tracking lgains in crude oil prices. Strength in crude oil prices encourages diversion of sugarcane for ethanol production, which decreases its supply for production of the sweetener.  End

US$1 = 83.96 rupees

Edited by Aditya Sakorkar

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