India Sugar
Steady in key markets; down on ICE as supply seen rising
This story was originally published at 21:33 IST on 20 August 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were largely steady today after falling significantly during the past few days, said traders. Prices in Maharashtra were also steady today, they added.
Mills across Uttar Pradesh kept prices steady today despite poor demand, as prices have already fallen by about 100–110 rupees per 100 kg during this month, said Naresh Gupta, a local trader from north India. A few mills in central Uttar Pradesh, however, cut prices by 10–15 rupees per 100 kg today due to poor demand, they said.
Prices are likely to be on the downtrend for the rest of the month, as demand is unlikely to pick up and mills are under selling pressure as they have to meet the quota for the month, Gupta said.
Sweetener prices across Maharashtra were also steady today after falling by about 80 rupees since the beginning of the month, said Semal Sudhir Jain, secretary at Kolhapur, Karad, Sangli Sugar Merchant Association. Prices are likely to stabilise at the current levels as demand is unlikely to pick up during this month, he said.
Demand is likely to pick up only during the next month ahead of festivals, when prices can see an upward trend, Jain added.
The following are the highlights of sugar prices in the domestic market today:
-Flat at 3,870-3,860 rupees per 100 kg in central Uttar Pradesh
-Flat at 3,780-3,860 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,842-3,962 rupees per 100 kg in Mumbai
-Flat at 3,760-3,820 rupees per 100 kg in Kolhapur
At 1934 IST, sugar prices on the Intercontinental Exchange were down 1.8% at 17.68 cents. UNICA, a Brazilian Sugar Industry Associate, on Aug 13 reported that Brazil's center-south sugar production was up by 8% on year at 20.7 mln tn. Signs of larger global supplies are pushing sugar prices lower. End
US$1 = 83.79 rupees
Edited by Deepshikha Bhardwaj
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