India Sugar
Up in north; millers in no hurry to sell balance Sep quota
This story was originally published at 20:47 IST on 23 September 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in central Uttar Pradesh rose slightly today as millers are in no hurry to sell the remaining inventory for September, traders said. Traders have sold most of their stock from the quota allotted this month.
In central Uttar Pradesh, ex-mill prices of sugar rose 10–15 rupees per 100 kg, while in western Uttar Pradesh prices were steady today. Additionally, in the resale market of central Uttar Pradesh, prices fell by 5–10 rupees per 100 kg today as there was no demand at higher levels, said Naresh Gupta, a local dealer.
The Centre had set the domestic sugar sales quota for September at 2.35 mln tn, which is down from 2.5 mln tn in the corresponding period a year ago.
In Maharashtra, sugar prices were flat today, and may remain so for the rest of the week, said Mukesh Kuvadia, secretary at the Bombay Sugar Merchants' Association. Prices will fluctuate depending on the sales quota for the next month and government policy decisions regarding the minimum selling price, Kuvadia said.
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
-Flat 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 1854 IST, sugar prices on the Intercontinental Exchange were up 1.1% at 23 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 = 83.55 rupees
Edited by Deepshikha Bhardwaj
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