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Informist, Tuesday, Sep 10, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell slightly today as demand continued to be sluggish, said traders. Mills in Maharashtra kept prices steady today, they said.

Mills in Uttar Pradesh cut prices by 5–10 rupees per 100 kg today as there was no demand due to continuous rain in some parts of north India and mills were in a hurry to meet the monthly sales quota, said Naresh Gupta, a local trader from north India. Prices are likely to be on the downward trend for the coming few days and demand is unlikely to pick up any time soon, Gupta said.

In the resale markets of Uttar Pradesh, prices fell by 10–15 rupees per 100 kg, as there was sluggish demand, even at lower rates and there were ample stocks in the pipeline, he said. 

Sweetener prices in Maharashtra were steady today, said Semal Sudhir Jain, secretary of the Kolhapur - Karad - Sangli Sugar Merchants Association. Prices will fall by 10–15 rupees per 100 kg in the next two-to-three days and then are likely to increase by 50 rupees per 100 kg, later during the month, when demand picks up, Jain said.

There will be firm demand for the sweetener from West Bengal and northeastern states ahead of Durga Puja festival, when prices will start increasing, said Jain. 

Following are the highlights of sugar prices in the domestic market today:

-Down 5–10 rupees at 3,715-3,810 rupees per 100 kg in central Uttar Pradesh

-Down 5–10 rupees at 3,705-3,790 rupees per 100 kg in western Uttar Pradesh

-Flat at 3,810-3,937 rupees per 100 kg in Mumbai

-Flat at 3,690-3,750 rupees per 100 kg in Kolhapur

At 2022 IST, sugar prices on the Intercontinental Exchange were down 1.4% at 18.57 cents per pound. Global sugar prices were down, tracking a fall in crude oil prices. A fall in crude oil prices discourages diversion of sugarcane for ethanol production, which increases its supply for production of the sweetener.  End

US$1 = 83.98 rupees

Edited by Manisha Baxla

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