India Sugar
Flat in key mkts; prices seen rising in north India
This story was originally published at 17:33 IST on 30 August 2024
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By J. Navya Sruthi
MUMBAI – Ex-mill prices of sugar were steady in the key markets of Uttar Pradesh and Maharashtra today, traders said. Traders in Maharashtra expect prices to remain steady in the near-term, while traders in Uttar Pradesh expect a slight rise.
In Maharashtra, sugar prices were steady, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.
Prices are likely to remain range-bound with a change of 10-20 rupees on either side, as demand is likely to be stagnant in the coming days, Kuvadia said.
However, Naresh Gupta, a trader in north India, expects prices to rise by 40–50 rupees due to expectations of demand at the current price levels. 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.
The following are the highlights of sugar prices in the domestic market today:
-Flat at 3,700-3,830 rupees per 100 kg in central Uttar Pradesh
-Flat at 3,700-3,800 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,836-3,956 rupees per 100 kg in Mumbai
-Flat at 3,720-3,775 rupees per 100 kg in Kolhapur
The government on Thursday said sugar mills can freely divert sucrose from all sugarcane-based feedstocks for production of ethanol in the upcoming ethanol supply year starting November. In the ongoing ethanol year, the government restricted production of ethanol from sugarcane juice and B-heavy molasses to ensure sufficient availability of sugar in the country.
At 1602 IST, sugar prices on the Intercontinental Exchange were down 0.4% at 19.81 cents per pound. End
US$1 = 83.86 rupees
Edited by Ashish Shirke
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