More Stories

Informist, Wednesday, Sep 11, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell again today and the downtrend continued due to sluggish demand, said traders. In Maharashtra, prices of the sweetener were steady today, they said. 

A few mills in Uttar Pradesh cut prices by 10–15 rupees per 100 kg as there was selling pressure coupled with poor demand, said Naresh Gupta, a local trader from north India. Due to bearish sentiment, buyers were also hesitant to stock up sugar, he said. Prices are likely to fall further in the coming days, Gupta added. 

In the resale markets of Uttar Pradesh, prices fell by 5–10 rupees per 100 kg, as demand was sluggish, even at lower rates, and there were ample stocks in the pipeline, he said. 

Sweetener prices in Maharashtra were steady today, said Mukesh Kuvadia, secretary of the Bombay 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, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. 

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 10–15 rupees at 3,700-3,821 rupees per 100 kg in central Uttar Pradesh

-Down 10–15 rupees at 3,700-3,760 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 1850 IST, sugar prices on the Intercontinental Exchange were up 2.3% at 18.9 cents per pound. Global sugar prices were up, tracking a rise in crude oil prices. Strength in crude oil prices encourages diversion of sugarcane for ethanol production, which reduces its supply for production of the sweetener.  End

US$1 = 83.98 rupees

Edited by Aditya Sakorkar

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.