India Sugar
Down in Maharashtra as mills try to exhaust stocks
This story was originally published at 22:09 IST on 26 August 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar fell today in the key markets of Maharashtra, while prices in Uttar Pradesh were steady, said traders.
Mills in Maharashtra cut prices by 10 rupees per 100 kg due to poor demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Mills are also in a hurry to sell their stocks before the month ends, he said.
In Uttar Pradesh, mills kept prices steady after cutting them on Saturday by 20–30 rupees per 100 kg to push sales, said Naresh Gupta, a local trader from north India. Mills are in a hurry to meet the sales quota by the end of the month. Hence, they are likely to cut prices further, Gupta said. Wholesalers, on the other hand, are not eager to buy as they expect mills to cut prices further, he added.
In the resale market, prices fell by 5–10 rupees per 100 kg as there are ample stocks. Market participants expect a higher sales quota for the month of September, owing to which, prices are likely to remain under pressure even next month, Gupta said.
The following are the highlights of sugar prices in the domestic market today:
-Flat at 3,700-3,810 rupees per 100 kg in central Uttar Pradesh
-Flat at 3,700-3,810 rupees per 100 kg in western Uttar Pradesh
-Down 10 rupees at 3,832-3,952 rupees per 100 kg in Mumbai
-Down 10 rupees at 3,750-3,810 rupees per 100 kg in Kolhapur
At 2027 IST, sugar prices on the Intercontinental Exchange were up 3.8% at 19.08 cents per pound. Global sugar prices were up tracking rise 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 = 83.90 rupees
Edited by Ashish Shirke
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