India Sugar
Largely steady; few mills in north quote higher rates
This story was originally published at 21:06 IST on 22 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, except for a few mills that quoted higher prices in anticipation of demand improving in view of the festivals coming up, said traders. In Maharashtra, prices continued to be steady, they added.
Mills in Uttar Pradesh kept prices largely steady as demand continued to be sluggish, said Naresh Gupta, a trader from north India. However, a few mills in the state quoted 15–20 rupees per 100 kg higher anticipating that demand would improve due to the Janmashtami festival next week, said Arun Khandelwal, a trader from Uttar Pradesh.
In the resale market, however, prices fell by 5–10 rupees per 100 kg today, as there were ample stocks in the pipeline, said Gupta. Prices might decrease further during the remainder of the month as demand will only pick up again during September, he added.
Prices of the sweetener across Maharashtra were steady after falling by about 80 rupees since the beginning of the month, said Semal Sudhir Jain, secretary at the Kolhapur Karad Sangli 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.
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 1834 IST, sugar prices on the Intercontinental Exchange were up 1.7% at 17.95 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 = 83.95 rupees
Edited by Rajeev Pai
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