More Stories

Informist, Monday, Sep 16, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra rose today as prices had fallen significantly in the past 15 days and bottomed out, said traders. Recent policies and an anticipation of festival demand also aided the prices, they said.

Some mills across Uttar Pradesh, which were at lower levels, raised prices by 70–80 rupees per 100 kg in the past two days, as prices had fallen significantly in the previous few days, said Naresh Gupta, a local trader. Demand has picked up slightly at lower levels, which also aided prices, Gupta said.

Moreover, clearer weather in some parts of north India also encouraged resellers to stock up sugar, Gupta added. The pipeline stocks were starting to exhaust, so there was demand, he said. 

Sweetener prices in central and south Maharashtra rose 10 rupees per 100 kg today, as demand improved on recent fall in prices, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. Prices had fallen by about 90 rupees per 100 kg in the past few days due to poor demand, Jain said.

In the coming days, prices are likely to improve by another 10–20 rupees per 100 kg, he said. However, in some other parts of Maharashtra, such as Mumbai and parts of Kolhapur, mills kept prices steady today, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels and fluctuate depending on the next month's sales quota, said Kuvadia. 

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

-Up 70-80 at 3,770-3,880 rupees per 100 kg in central Uttar Pradesh

-Up 70–80 rupees at 3,770-3,820 rupees per 100 kg in western Uttar Pradesh

-Flat rupees at 3,805-3,936 rupees per 100 kg in Mumbai

-Up 10 rupees at 3,700-3,750 rupees per 100 kg in Kolhapur

At 2024 IST, sugar prices on the Intercontinental Exchange were up 1% at 19.61 cents per pound. Prices were up tracking a rise in crude oil prices. The rise in crude oil prices encourages diversion of sugarcane for ethanol production, which reduces its supply for production of the sweetener.  End

US$1 = 83.89 rupees

Edited by Manisha Baxla

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.