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Informist, Wednesday, Sep 25, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were mixed even today as some mills cut prices to meet the sales quota, while others, which had sold most of their stocks increased rates today, said traders. Prices of the sweetener in Maharashtra were steady today, they said.

Some mills in west Uttar Pradesh cut prices by 10–15 rupees per 100 kg, and sold the remaining stocks to meet the monthly sales quota, while other mills increased prices by 10–15 rupees per 100 kg, as they were not in a hurry to sell, said Naresh Gupta, a trader from north India.

In the resale market, prices fell by 5–10 rupees per 100 kg today, he said. In the coming days, prices will change depending on the sales quota for October, which is likely to be 2.6 mln tn, and if it is anything below that, prices will be on an uptrend, Gupta said. 

In Maharashtra, sugar prices were steady today, said Semal Sudhir Jain, 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.

In the coming days, prices will fall or rise depending on the government policies regarding the minimum selling price, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. 

The following are the highlights of sugar prices in the domestic market today:

-Flat at 3,750-3,830 rupees per 100 kg in central Uttar Pradesh

-Up 10–15 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 1818 IST, sugar prices on the Intercontinental Exchange were down 0.6% at 22.98 cents per pound. Prices were down tracking a fall in the prices of crude oil. When crude oil prices fall, it discourages diversion of sugarcane for ethanol production, which increases its supply for production of sugar.  End

US$1 = 83.59 rupees

Edited by Aditya Sakorkar

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