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Informist, Tuesday, Oct. 1, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Maharashtra rose Tuesday due to firm demand, said traders. Mills in Uttar Pradesh kept prices steady as there was just need-based demand, they added.

Mills in Maharashtra raised prices by INR 20 per 100 kg on Tuesday as it is the beginning of the month and there was firm household demand along with festival demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to increase by another INR 10–20 per 100 kg, Kuvadia said. 

Sweetener prices in mills across Uttar Pradesh were steady as demand was only need-based, said Naresh Gupta, a local trader from north India. Sweetener demand for Dussehra has already been met and now demand will only pick up ahead of Diwali festival, he said. Sugar prices in Uttar Pradesh have risen significantly after the release of the sugar sales quota for October. Mills in west Uttar Pradesh increased prices by almost INR 80–INR 90 per 100 kg, and those in central Uttar Pradesh raised rates by INR 40–INR 50 per 100 kg, after the release of the sales quota. 

The Centre has set the domestic sugar sales quota for October at 2.55 million tonnes, the food and public distribution department said in a post on social media platform X on Sept. 26. The quota for October is 8.5% higher from 2.35 million tonnes in September and down nearly 12% on year. In October 2023, the quota was set at 2.9 million tonnes. For Uttar Pradesh, the government in October set a sales quota of 821,156 tonnes, up 6.0% on month. 

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

-Flat at INR 3,800-INR 3,900 per 100 kg in central Uttar Pradesh

-Flat at INR 3,800-INR 3,920 per 100 kg in western Uttar Pradesh

-Up INR 20 at INR 3,822-INR 3,950 per 100 kg in Mumbai

-Up INR 20 at INR 3,700-INR 3,770 per 100 kg in Kolhapur

At 1614 IST, sugar prices on the Intercontinental Exchange were up 0.5% at 22.58 cents per pound. Drought and excessive heat have recently caused fires in Brazil that damaged crops in the top sugar producing state of Sao Paulo. Sugarcane industry group Orplana said as many as 2,000 fire outbreaks affected sugarcane planted across up to 80,000 hectares in Sao Paulo, according to Barchart.com. Concerns over lower availability of sugar supported global prices.  End

US$1 = INR 83.82 

Edited by Tanima Banerjee

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