India Sugar
Down in north on sluggish demand; steady in Maharashtra
This story was originally published at 21:17 IST on 6 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 owing to sluggish demand, said traders. Mill prices of the sweetener in Maharashtra were steady again today, they said.
Most mills in central Uttar Pradesh cut prices by 10–15 rupees per 100 kg, while a few mills cut by 30–40 rupees per 100 kg today, said Naresh Gupta, a local trader. There was no demand at the previous day's price levels, as well as at the reduced price levels today, Gupta said.
Initially, prices had been increased by 25–30 rupees per 100 kg after the release of the sales quota of 2.35 mln tn for September, as it was considered to be insufficient. However, prices are again back at previous months' levels, falling by 25–30 rupees in the past five to six days, as demand did not pick up.
In Maharashtra, prices were steady again today, as hardly any demand has been seen this month despite a series of festivals ahead, and buyers are waiting for fresh triggers to cut or raise prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
In the coming week, too, prices are likely to remain at the same levels, said Semal Sudhir Jain, secretary of the Kolhapur - Karad - Sangli Sugar Merchants Association. Demand will only pick up after the 15th of this month, Jain said.
Following are the highlights of sugar prices in the domestic market today:
-Down 10–25 rupees at 3,700-3,810 rupees per 100 kg in central Uttar Pradesh
-Flat at 3,700-3,790 rupees per 100 kg in western Uttar Pradesh
-Flat at 3,820-3,952 rupees per 100 kg in Mumbai
-Flat at 3,700-3,765 rupees per 100 kg in Kolhapur
At 1957 IST, sugar prices on the Intercontinental Exchange were steady at 19.23 cents per pound. End
US$1 = 83.95 rupees
Edited by Deepshikha Bhardwaj
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