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Informist, Tuesday, Aug 27, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar rose slightly today in the key markets of Uttar Pradesh, after having fallen substantially in the past few days, said traders. In Maharashtra, prices fell by 30–20 rupees per 100 kg as mills are in a hurry to meet the monthly sales quota, they said.

A few mills in west Uttar Pradesh raised prices slightly by 5–10 rupees per 100 kg, as prices had fallen by over 150 rupees per 100 kg in the past few weeks, said Naresh Gupta, a local trader from north India. However, the prices might not sustain at the current levels if there is no demand at these rates, he said.

However, mills in central Uttar Pradesh kept prices steady. Prices were also steady in the resale markets across the state. Prices of the sweetener might fall if demand does not pick up in the coming days and if mills are left with ample stocks to sell before the month ends, Gupta said.

In Maharashtra, sugar prices fell by 20–30 rupees per 100 kg, as mills are in a hurry to meet the sales quota for the month, said Semal Sudhir Jain, the secretary of the Kolhapur - Karad - Sangli Sugar Merchants Association. He said mills will be able to exhaust the stock by the end of the month as there is brisk demand at the current levels. 

If the sales quota for September is anything above 2.4 mln tn, prices will fall further in the coming month, but if the quota set by the government is below 2.4 mln tn, then prices of the sweetener will shoot up, Jain added. 

The following are the highlights of sugar prices in the domestic market today:

-Flat at 3,720-3,820 rupees per 100 kg in central Uttar Pradesh

-Up 5–10 rupees at 3,705-3,820 rupees per 100 kg in western Uttar Pradesh

-Down 20–30 rupees at 3,822-3,932 rupees per 100 kg in Mumbai

-Down 20–30 rupees at 3,740-3,790 rupees per 100 kg in Kolhapur

At 2048 IST, sugar prices on the Intercontinental Exchange were up 2.3% at 19.48 cents per pound. Dry weather and fires in Brazil's sugar-producing regions supported the global sugar prices.  End

Edited by Ashish Shirke

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