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Informist, Thursday, Sep 26, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose today as festival season demand remained firm even at the higher prices, said traders. Mills in Maharashtra kept prices steady, they added.

Mills in central Uttar Pradesh raised prices by 10–15 rupees per 100 kg, while those in west Uttar Pradesh increased prices by 10–12 rupees per 100 kg, as resellers exhausted the stocks in the pipeline and there was demand, said Naresh Gupta, a local trader from north India. Moreover, most of the mills have already met their monthly quota, so they are not in a hurry to sell, he said. 

Prices are likely to remain on an upward trajectory given the festival demand, Gupta said. However, if the sales quota for October is around 2.6 million tonne, then prices might remain at the current levels, he added.

In Maharashtra, sugar prices were steady, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. For the remainder of the month, prices are most likely to 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 for sugar, Kuvadia added.

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

-Up 10-15 rupees at 3,760-3,845 rupees per 100 kg in central Uttar Pradesh

-Up 10–12 rupees at 3,750-3,842 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 1642 IST, sugar prices on the Intercontinental Exchange were up 0.6% at 23.55 cents per pound. Drought conditions in Brazil have hurt the country's sugar production prospects, which has pushed global sugar prices sharply higher over the past two weeks, according to Barchart.com.  End

US$1 = 83.64 rupees

Edited by Rajeev Pai

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