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Informist, Wednesday, Aug 28, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra rose today, after the release of the sales quota for September, as the market was of the view that 2.35 mln tn sugar will be insufficient to meet the demand during this month, said traders. Prices are likely to increase further in the coming days, they said.

Mills in west Uttar Pradesh raised prices by 5–10 rupees per 100 kg after the release of the sales quota for the month, as the quota is considered to be insufficient for the month, especially as there is a line-up of festivals in the coming months and demand is likely to pick up, said Naresh Gupta, a local trader from north India. Prices in the resale market also rose by 5–10 rupees per 100 kg today, Gupta said.

Sweetener prices are likely to increase by another 20–30 rupees per 100 kg in the coming days, Gupta said. 

In Maharashtra, sugar prices increased by 15 rupees per 100 kg today, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. There is space for prices to rise by another 10 to 15 rupees in the coming days, he said. However,"we will have to wait and see if the current elevated prices are being absorbed into the market," Kuvadia said. 

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 3,710-3,830 rupees per 100 kg in western Uttar Pradesh

-Up 15 rupees at 3,837-3,947 rupees per 100 kg in Mumbai

-Up 15 rupees at 3,755-3,805 rupees per 100 kg in Kolhapur

At 1956 IST, sugar prices on the Intercontinental Exchange fell 2.3% to 19.28 cents per pound. Global sugar prices fell, tracking losses in crude oil prices. When crude oil prices fall it discourages diversion of sugarcane for ethanol production, which increases its supply for production of the sweetener.  End

US$1 = 83.95 rupees

Edited by Akul Nishant Akhoury

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