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Informist, Thursday, Sep 12, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh fell again today, as there is sluggish demand owing to heavy rains in northern parts of the country, traders said. Sweetener prices were steady in Maharashtra today, they said.

Some mills across Uttar Pradesh which had not cut prices the previous day, cut prices by 25–30 rupees per 100 kg today, said Naresh Gupta, a local trader from north India. Sugar prices have fallen significantly during this month by nearly 90 rupees per 100 kg, as buyers were hesitant to stock up sugar amid heavy rainfall in some places in the northern part of the country, he said. 

Prices are likely to fall further in the coming days as the demand is unlikely to pick up any time soon, Gupta said. Prices in the resale market also fell by 5–10 rupees per 100 kg today, he said. However, there was some demand at the reduced price levels as the pipeline stocks with the resale market were starting to exhaust, Gupta said.

Mills in Maharashtra kept prices steady today, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. Prices have fallen by about 50 rupees per 100 kg during this month, due to poor demand, he 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 25–30 rupees at 3,700-3,800 rupees per 100 kg in central Uttar Pradesh

-Down 25–30 rupees at 3,670-3,730 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 2033 IST, sugar prices on the Intercontinental Exchange were up 2% at 19.46 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 = 83.96 rupees

Edited by Vidhi Verma

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