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Informist, Friday, Aug 16, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh fell today as mills were under selling pressure, said traders. Mills in Maharashtra kept prices steady today, they said. 

Mills across Uttar Pradesh, which did not cut prices the previous day, reduced rates today by 20–25 rupees per 100 kg due to poor demand and selling pressure, said Naresh Gupta, a local trader from north India. There is poor demand, and it is unlikely to pick up even in the coming days. Hence, mills are under pressure, said Gupta.

Prices have fallen by about 100–110 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. Prices are likely to fall by about 30–40 rupees per 100 kg in the coming days, before stabilising, Gupta added. 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 20–25 rupees at 3,870-3,860 rupees per 100 kg in central Uttar Pradesh

-Down 20–25 rupees at 3,780-3,860 rupees per 100 kg in western Uttar Pradesh

At 1812 IST, sugar prices on the Intercontinental Exchange were up 1.4% at 18.44 cents. The US Department of Agriculture has forecast that in 2024-25 global sugar-ending stocks would fall 4.7% on year to a 13-year low of 38.3 mln tn. Anticipation of a lower availability of sugar aided global prices.  End

US$1 = 83.94 rupees

Edited by Deepshikha Bhardwaj

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