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Informist, Wednesday, Aug 21, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady today after falling significantly in the past few days, traders said. In Uttar Pradesh, prices are likely to fall further in the coming days as there is selling pressure, but in Maharashtra prices are likely to remain steady, they said.

Mills across Uttar Pradesh kept prices steady today, said Naresh Gupta, a trader from north India. In the resale market, prices fell by about 5–10 rupees per 100 kg, because of poor demand, he said. The downtrend is likely to continue for the rest of the month, Gupta added.

Prices of the sweetener across Maharashtra were steady after falling by about 80 rupees since the beginning of the month, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to stabilise at the current levels as demand is unlikely to pick up in what remains of the month, he said.

In key markets of Uttar Pradesh, rates of the sweetener fell by about 120–130 rupees per 100 kg, while in Maharashtra, prices fell by about 80 rupees per 100 kg after rising by about 150 rupees per 100 kg weeks after the release of the sales quota for August.

However, prices are likely to move upwards in September with demand for sugar likely to firm up ahead of festivals, said Semal Sudhir Jain, secretary at the Kolhapur Karad Sangli Sugar Merchants Association.

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 1820 IST, sugar prices on the Intercontinental Exchange were up 0.4% at 17.64 cents. Global sugar prices rose, tracking gains 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 = 83.92 rupees

Edited by Rajeev Pai

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