India Sugar
Mixed in north; prices on ICE up tracking crude oil
This story was originally published at 22:02 IST on 24 September 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were mixed today as some mills cut rates and others raised them, said traders. In Maharashtra, prices of the sweetener were steady, they said.
In central Uttar Pradesh, ex-mill prices of sugar fell 10–15 rupees per 100 kg, while in western Uttar Pradesh, prices rose by 5–10 rupees per 100 kg, said Naresh Gupta, a trader from north India. In resale markets across Uttar Pradesh, prices fell by 5–10 rupees per 100 kg, he said.
Some mills cut prices as they want to sell the stock remaining with them before the month ends, said Gupta.
In Maharashtra, sugar prices were flat, and may remain so for the rest of the week, said secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. For the remainder of the month, prices will most likely be at current levels, he said.
If the sales quota for October is 2.6 mln tn, then prices will remain at the current levels. If it is anything less than that, there will be an uptrend as festival demand is expected to be firm, Jain said.
The following are the highlights of sugar prices in the domestic market today:
-Down 10-15 rupees at 3,750-3,830 rupees per 100 kg in central Uttar Pradesh
-Up 5–10 rupees at 3,740-3,830 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 2048 IST, sugar prices on the Intercontinental Exchange were up 2.1% at 22.97 cents per pound. Prices were up tracking a rise in the prices of crude oil. A rise in crude oil prices encourages diversion of sugarcane for ethanol production, which reduces its supply for production of sugar. End
US$1 = 83.67 rupees
Edited by Rajeev Pai
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