India Sugar
Up in north India despite weak demand; steady in Maharashtra
This story was originally published at 18:31 IST on 4 October 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh rose today despite weak demand at higher levels as mills were not in a hurry to sell, said traders. Mills in Maharashtra kept prices steady as demand and supply were on a par, said traders.
Mills across Uttar Pradesh raised prices by INR 10-INR 20 per 100 kilogram, as mills were not in a hurry to meet the sales quota, said Naresh Gupta, a local trader from north India. However, there was no demand at the higher quoted price levels, Gupta said. Demand was only need based and those who have run out of stocks are buying, he added. Prices in the resale market were steady today, Gupta said.
The trajectory of prices in the coming days will depend on the government's policy regarding the export of sugar, Gupta said. If they decide to allow exports in the current sugar season, then the upward trend might continue, he added.
Sweetener prices in Maharashtra were steady today as demand and supply were on a par, 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–INR 35 per 100 kg, he said. Prices could rise by another INR 10–INR 15 per 100 kg in the coming days, Kuvadia added.
The following are the highlights of sugar prices in the domestic market Friday:
-Up INR 10-INR 20 at INR 3,850-3,930 per 100 kg in central Uttar Pradesh
-Up INR 10-INR 20 at INR 3,870-3,960 per 100 kg in western Uttar Pradesh
-Flat at INR 3,862-3,950 per 100 kg in Mumbai
-Flat at INR 3,730-3,765 per 100 kg in Kolhapur
At 1710 IST, sugar prices on the Intercontinental Exchange were steady at 22.6 cents per pound. End
US$1 = INR 83.97
Edited by Akul Nishant Akhoury
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