India Sugar
Down in north on sluggish demand amid heavy rain
This story was originally published at 21:42 IST on 2 September 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell today due to poor demand amid heavy rainfall, traders said. In Maharashtra, prices were steady today, they said.
Mills across Uttar Pradesh cut prices by 10–20 rupees per 100 kg, as there was sluggish demand due to heavy rainfall in various parts of the country, said Naresh Gupta, a local trader from north India. Heavy rainfall was seen in Rajasthan, Gujarat, and some other parts of north India since the previous few days. Buyers are hesitant to stock up sugar at the moment as it may get damaged due to the weather, he said.
Prices might firm up when the resale market runs out of pipeline stocks, Gupta said. He expects prices to rise by 40–50 rupees due to expectations of demand at current price levels. Market participants are of the view that the 2.35 mln tn sugar quota for September would be insufficient to meet demand during the month.
In Maharashtra, sugar prices were steady, said Mukesh Kuvadia, 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.
The following are the highlights of sugar prices in the domestic market today:
-Down 10–20 rupees at 3,730-3,830 rupees per 100 kg in central Uttar Pradesh
-Down 10–20 rupees at 3,700-3,820 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
Sugar prices on the Intercontinental Exchange were unavailable today as markets were shut on account of Labor Day in the US. End
US$1 = 83.92 rupees
Edited by Avishek Dutta
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