India Sugar
Steady in key markets; seen range-bound this week
This story was originally published at 19:32 IST on 3 September 2024
Register to read our real-time news.Informist, Tuesday, Sep 3, 2024
By Afra Abubacker
NEW DELHI – Ex-mill prices of sugar were steady in key markets of Uttar Pradesh and Maharashtra amid a lack of fresh triggers, traders said. Prices are likely to be largely range-bound for the week, they said.
"Prices are more or less steady today," said Naresh Gupta, a local trader from north India. The Centre on Wednesday set the domestic sugar sales quota for September at 2.35 mln tn, up from 2.20 mln tn last month, but lower than 2.50 mln tn a year ago. The government fixes the maximum quantity of sugar available for sale every month to support prices and help mills clear the arrears of sugarcane farmers.
The market pegs the total sugar stocks available in the country at 10.3 mln tn as of Aug 31, All India Sugar Trade Association Chairman Praful Vithalani said in a note. With the September sales quota set at 2.35 mln tn, the upcoming sugar season is estimated to open on Oct 1 with a stock of 7.9 mln tn, the note said. The Indian Sugar Mills & Bio-Energy Manufacturers Association has pegged the opening stocks in the next season at 9.05 mln tn.
The following are the highlights of sugar prices in the domestic market today:
-Flat at 3,730-3,850 rupees per 100 kg in central Uttar Pradesh
-Flat at 3,720-3,810 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,850-3,940 rupees per 100 kg in Mumbai
-Flat at 3,710-3,770 rupees per 100 kg in Kolhapur
At 1814 IST, sugar prices on the Intercontinental Exchange were up 1% at 19.56 cents per pound. End
Edited by Saji George Titus
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