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Informist, Monday, Oct. 7, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were steady Monday, as demand was sluggish at higher prices, said traders. Mills in Maharashtra kept prices steady as demand for Diwali is yet to pick up, they said.

Mills in Uttar Pradesh kept prices steady as there was limited demand at higher prices, said Naresh Gupta, a trader from north India. Prices in the resale market were also steady today, he said. Since the beginning of the month, prices have risen by about INR 100-120 as the sales quota was deemed to be less to meet demand, said Gupta. Mills might cut prices in the coming week for demand to pick up, as they have to meet the sales quota for the month.  

Prices of the sweetener 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 had 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 ahead of Diwali, Kuvadia said.

Following are the highlights of sugar prices in the domestic market Monday:

-Flat at INR 3,850-3,930 per 100 kg in central Uttar Pradesh

-Flat 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 1846 IST, sugar prices on the Intercontinental Exchange were down 0.5% at 22.9 cents per pound. Optimism that above-average monsoon rainfall in India would lead to a bumper sugar crop is bearish for sugar prices. The Indian Meteorological Department on Oct.1 said that in September, India received 187.3 mm of rainfall, 11.6% above the normal of 167.9 mm. Rainfall in September was 112% of the long-period average. "The country as a whole received excess rainfall during September mainly due to the west or north-westward movement of three low-pressure systems and their associated cyclonic circulations along the monsoon trough," IMD said. India's monsoon season runs from June through September.  End

US$1 = INR 83.98

Edited by Avishek Dutta

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