India Sugar
Steady in key mkts; down on ICE as global output seen up
This story was originally published at 20:13 IST on 29 August 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar were steady in the key markets of Uttar Pradesh and Maharashtra today after rising the previous day as demand was sluggish at elevated rates, said traders.
Mills across Uttar Pradesh kept prices steady as demand was poor at higher price levels, said Naresh Gupta, a local trader from north India. Mills had increased prices after the government set the sales quota for September, but there was no demand at the raised levels, he said. Market participants are of the view that the 2.35 mln tn sugar quota for September would be insufficient to meet the demand during the month.
However, prices of the sweetener are likely to increase in the first week of September, in anticipation of firm demand ahead of a series of festivals, Gupta said.
In Maharashtra, sugar prices were steady, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association. On Wednesday, prices rose by 15 rupees per 100 kg due to the lower sales quota for September and could rise by another 10-15 rupees during the coming days, said Kuvadia.
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
-Flat at 3,710-3,830 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,837-3,947 rupees per 100 kg in Mumbai
-Flat at 3,755-3,805 rupees per 100 kg in Kolhapur
At 1749 IST, sugar prices on the Intercontinental Exchange fell 0.1% to 19.52 cents per pound due to expectations of an increase in output by 2% in the current global marketing year 2023-24 (May-Apr). End
US$1 = 83.87 rupees
Edited by Ashish Shirke
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