India Sugar
Down in Maharashtra on sluggish demand; steady in north
This story was originally published at 22:23 IST on 9 September 2024
Register to read our real-time news.Informist, Monday, Sep 9, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar fell in key markets of Maharashtra due to sluggish demand, traders said. Mills in Uttar Pradesh kept prices steady, they said.
Sweetener prices in Maharashtra fell 10–15 rupees per 100 kg today, due to poor demand. However, there was some demand at the lower price levels, said Semal Sudhir Jain, secretary of the Kolhapur - Karad - Sangli Sugar Merchants Association. Demand is likely to pick up after Sep 15, when prices might improve slightly, Jain said.
Mills in west Uttar Pradesh kept prices steady today, after slashing prices significantly during the past few days, said Naresh Gupta, a local trader from north India. The downtrend is likely to continue in the coming days as mills are under pressure to meet the sales quota for the month, Gupta said.
In the resale markets of Uttar Pradesh, prices fell by 5–10 rupees per 100 kg today, due to poor demand and ample stocks in the pipeline, Gupta said. Buyers are hesitant to stock up sugar due to the weather, with the fear that it will get damaged due to rain, he said.
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 3,710-3,800 rupees per 100 kg in western Uttar Pradesh
-Down 10–15 rupees at 3,810-3,937 rupees per 100 kg in Mumbai
-Down 10–15 rupees at 3,690-3,750 rupees per 100 kg in Kolhapur
At 2057 IST, sugar prices on the Intercontinental Exchange were down 1.5% at 18.63 cents per pound. Optimism that above-average monsoon rains in India will lead to a bumper sugarcane crop is a bearish factor for global sugar prices. End
US$1 = 83.96 rupees
Edited by Vidhi Verma
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
