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Informist, Wednesday, Sep 18, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose today as there was demand even at higher prices, said traders. Prices in Maharashtra were steady today, despite good demand as mills want to offload stocks fast, they said. 

Mills in west Uttar Pradesh raised prices by 20–25 rupees per 100 kg in west Uttar Pradesh, while those in central parts of the state increased prices by 10–20 rupees per 100 kg, said Naresh Gupta, a local trader from north India. Mills have sold most of the stock and are not in a hurry to sell at the moment, which is encouraging them to raise prices, said Gupta.

In the resale market, too, prices rose by 10–15 rupees per 100 kg, said Gupta. Prices have risen by around 100–120 rupees per 100 kg in the past one week and are likely to rise even further in the wake of firm festival demand, he added. 

In Maharashtra, sweetener prices were steady despite firm demand, as mills wanted to offload stock, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. In the coming days, prices are likely to rise by another 10–20 rupees per 100 kg, he said.

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

-Up 20-25 at 3,790-3,871 rupees per 100 kg in central Uttar Pradesh

-Up 10–20 rupees at 3,760-3,840 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 2055 IST, sugar prices on the Intercontinental Exchange were up 4.6% at 21.32 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 Akul Nishant Akhoury

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