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Informist, Friday, Aug 9, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady today as most mills across these states did not cut prices despite subdued demand, said traders. Mills are waiting to see if demand improves ahead of festivals, they said. 

Mills across Uttar Pradesh kept rates steady today as there was poor demand, even after mills cut prices in the previous few days, said Naresh Gupta, a local trader from north India. Buyers are hesitant to buy when the trend is prices is downward, he said.

Resale markets prices fell by 5–10 rupees per 100 kg, due to poor demand, Gupta said.

Most mills in central Uttar Pradesh had cut prices by 20–30 rupees per 100 kg today, while a few of them also had cut prices by 30–40 rupees per 100 kg due to poor demand at increased price levels during the previous day, said Naresh Gupta, a local trader from north India. Prices will most likely fall in the coming days as mills will have to liquidate the stocks to meet the sales quota before the month ends, Gupta said.

Mills in Maharashtra kept prices steady today, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices, however, may increase if there is demand in the wake of upcoming festivals, Kuvadia said.

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

-Flat at 3,842-3,962 rupees per 100 kg in Mumbai

-Flat at 3,760-3,820 rupees per 100 kg in Kolhapur

-Flat at 3,730-3,900 rupees per 100 kg in central Uttar Pradesh

-Flat at 3,955-3,980 rupees per 100 kg in western Uttar Pradesh

At 2037 IST, sugar prices on the Intercontinental Exchange were down 1.4% at 18.32 cents, tracking crude oil prices on the NYMEX. 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 Akul Nishant Akhoury

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