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Informist, Tuesday, Sep 17, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key market of Uttar Pradesh rose today due to firm demand, traders said. In Maharashtra, prices were at the same level after mills hiked prices on the previous day, due to good demand at lower price levels, they said.

Mills in Uttar Pradesh, raised prices by 10–15 rupees per 100 kg, as there was firm demand amid fairly clearer weather in the north, said Naresh Gupta, a local trader from north India. Demand had picked up slightly at lower levels, which also aided prices, Gupta said. Prices are likely to increase in the coming days ahead of the festivals, Gupta said. 

Sweetener prices in Maharashtra were steady today, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. In the coming days, prices are likely to improve by another 10–20 rupees per 100 kg, he said.

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

-Up 10-15 at 3,780-3,895 rupees per 100 kg in central Uttar Pradesh

-Up 10–15 rupees at 3,780-3,835 rupees per 100 kg in western Uttar Pradesh

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

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

At 1947 IST, sugar prices on the Intercontinental Exchange were up 0.4% at 19.97 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 = 83.75 rupees

Edited by Manisha Baxla

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