India Sugar
Prices up in key mkts on firm demand, low stocks with few mills
This story was originally published at 18:01 IST on 3 October 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar rose in the key markets of Uttar Pradesh and Maharashtra Thursday, said traders. Some mills in Uttar Pradesh raised prices as they have fewer stocks to sell and are not in a hurry to offload, while mills in Maharashtra increased prices due to firm demand, they said.
Some mills in Uttar Pradesh increased prices by INR 20–25 per 100 kg, as they are not in a hurry to meet the sales quota for the month, said Naresh Gupta, a local trader from north India. Prices of the sweetener have risen by INR 100-120 per 100 kg across the state after the Centre announced the sales quota for October, he said.
The trajectory of prices in the coming days will depend on government's policy regarding export of sugar, Gupta said. If they decide to allow exports in the current sugar season, then the upward trend might continue, he added.
Mills in Maharashtra increased prices by INR 10-15 per 100 kg as demand from households and that for festivals is firm, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. After the sales quota was announced, prices in the state have risen by about INR 30–35 per 100 kg, he said. Prices could rise by another INR 10–15 per 100 kg in the coming days, Kuvadia added.
The following are the highlights of sugar prices in the domestic market Thursday:
-Up INR 20-25 at INR 3,850-3,980 per 100 kg in central Uttar Pradesh
-Up INR 20-25 at INR 3,850-3,980 per 100 kg in western Uttar Pradesh
-Up INR 10-15 at INR 3,862-3,950 per 100 kg in Mumbai
-Up INR 10-15 at INR 3,730-3,765 per 100 kg in Kolhapur
At 1621 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 22.6 cents per pound. Drought and excessive heat have caused fires in Brazil which have damaged crops in the top sugar producing state of Sao Paulo. Sugarcane planted across 80,000 hectares in Sao Paulo has been affected by as many as 2,000 fire outbreaks, Barchart.com reported quoting sugarcane industry group Orplana. This has raised concerns over lower availability of sugar in the global market. End
US$1=INR 83.96
Edited by Ashish Shirke
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