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Informist, Friday, Sep 13, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar fell today in the key markets of Maharashtra due to sluggish demand, after remaining steady for a few days, said traders. In Uttar Pradesh, prices of the sweetener rose slightly in some parts as demand picked up slightly at lower rates, while prices were steady in other parts, traders said.

Mills in Maharashtra cut prices by 5–10 rupees per 100 kg today as demand continued to be sluggish, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to rise or fall by 10 rupees in the coming days, Kuvadia said.

Prices have fallen by about 50 rupees per 100 kg this month due to poor demand, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. Demand will be firm for the sweetener from West Bengal and northeastern states ahead of Durga Puja festival, when prices will start increasing, said Jain.

Mills in west Uttar Pradesh raised prices of the sweetener by 5–10 rupees per 100 kg today, as there was some demand at the reduced price levels, said Naresh Gupta, a local trader from north India. There was demand even at the increased price levels as the pipeline stocks in the resale market have started to dry up, said Gupta.

Prices fell significantly this month by nearly 90 rupees per 100 kg as buyers were hesitant to stock up sugar due to heavy rainfall in some places in the northern part of the country, Gupta said.

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

-Flat at 3,700-3,800 rupees per 100 kg in central Uttar Pradesh

-Up 5–10 rupees at 3,700-3,740 rupees per 100 kg in western Uttar Pradesh

-Down 5–10 rupees at 3,805-3,936 rupees per 100 kg in Mumbai

-Down 5–10 rupees at 3,690-3,740 rupees per 100 kg in Kolhapur

At 1939 IST, sugar prices on the Intercontinental Exchange were up 1.4% at 19.69 cents per pound. Prices were up tracking a rise in crude oil prices. Rise in crude oil prices encourages diversion of sugarcane for ethanol production, which reduces its supply for production of the sweetener.  End

US$1 = 83.88 rupees

Edited by Ashish Shirke

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