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Informist, Friday, Sep 20, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose again today despite sluggish demand at higher quoted prices, as mills are not in a hurry to sell, said traders. Mills in Maharashtra kept prices steady after increasing prices during the past few days, they said.

Some mills in Uttar Pradesh, which did not increase prices during the previous day, raised rates by 60–65 rupees per 100 kg today and those which were already at higher price levels raised prices by 10–15 rupees per 100 kg, said Naresh Gupta, a local trader from north India. However, there was poor demand at the higher quoted prices, said Gupta.

Mills increased prices today despite subdued demand as they have sold most of their stocks and there is no selling pressure, Gupta said. The resale market also increased prices by 10–15 rupees per 100 kg today, Gupta said. The uptrend is likely to continue in the coming days due to firm festival demand, he said. 

Mills in Maharashtra, kept prices steady again today after prices increased during the first few days of the week, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. In the coming days, prices will most likely be at the current levels and increase by 10–20 rupees per 100 kg if at all, as firm demand will persist ahead of festivals, said Jain.

Moreover, freight rates have risen 20–30 rupees due to high demand, which is why sugar prices in Maharashtra might not increase significantly in the coming days. But prices are also unlikely to fall during the coming days, Jain added.

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

-Up 10-15 at 3,750-3,850 rupees per 100 kg in central Uttar Pradesh

-Up 60–65 rupees at 3,770-3,870 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 2050 IST, sugar prices on the Intercontinental Exchange were up 1.8% at 22.45 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 = 83.56 rupees

Edited by Manisha Baxla

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