India Sugar
Down in north on weak demand, steady in Maharashtra
This story was originally published at 20:57 IST on 23 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 weak demand and selling pressure, said traders. In Maharashtra, sweetener prices remained steady today, they said.
Mills across Uttar Pradesh cut prices by 40–50 rupees per 100 kg, as demand remained sluggish, said Naresh Gupta, a local trader from north India. In the resale market, prices fell today due to ample stock in the pipeline, he said.
During the remainder of the month, prices are likely to fall further as mills have to meet the sales quotes for August. Demand will only pick up again during September, Gupta added.
In Maharashtra, prices were steady today, said Semal Sudhir Jain, secretary at the Kolhapur Karad Sangli Sugar Merchants Association. In the coming week, prices are likely to come down by about 10–20 rupees per 100 kg, due to selling pressure, Jain added.
The following are the highlights of sugar prices in the domestic market today:
-Down 40–50 rupees at 3,720-3,820 rupees per 100 kg in central Uttar Pradesh
-Down 40–50 rupees at 3,720-3,850 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 1930 IST, sugar prices on the Intercontinental Exchange were up 2.6% at 18.32 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 = 83.89 rupees
Edited by Akul Nishant Akhoury
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