India Sugar
Down in north on poor demand; steady in Maharashtra
This story was originally published at 19:50 IST on 14 August 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell today due to poor demand amid heavy rainfall in the state, said traders. In Maharashtra, sweetener prices were steady today, they added.
Mills across Uttar Pradesh cut prices by 10–20 rupees per 100 kg due to poor demand and selling pressure, said Naresh Gupta, a local trader from north India. Mills are facing selling pressure as they have to meet the sales quota for the month, Gupta said. The government has set the domestic sugar sales quota for August at 2.2 mln tn.
Prices have fallen by about 80–90 rupees per 100 kg over the past few days, after rising by about 150 rupees per 100 kg weeks after the release of the sales quota for this month. Mills across the country raised prices as the quota of 2.2 mln tn was considered insufficient, but unsold stocks from the previous month offset fears of reduced sugar availability this month, Gupta added.
In Maharashtra, prices were steady as mills were waiting in anticipation of firm demand ahead of festivals, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels for the rest of the week, Kuvadia added.
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
-Down 10–20 rupees at 3,800-3,890 rupees per 100 kg in central Uttar Pradesh
-Down 10–20 rupees at 3,785-3,880 rupees per 100 kg in western Uttar Pradesh
At 1828 IST, sugar prices on the Intercontinental Exchange were down 1% at 18.22 cents. 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 = 83.94 rupees
Edited by Tanima Banerjee
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