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Informist, Tuesday, Oct. 8, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh were steady Tuesday as demand was poor at higher levels, said traders. Ex-mill prices of sugar in the key markets of Maharashtra were also steady, 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.  

One of the mills in west Uttar Pradesh cut prices by INR 15 per 100 kg today. If demand does not pick up in the next few days, mills could cut prices, Gupta said. In the resale market, too, prices might fall in the next two days, he said.   

Mills in Maharashtra kept prices steady today as festival demand is yet to pick up, 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 30–35 per 100 kg, he said. Prices could rise by another INR 10–15 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 1637 IST, sugar prices on the Intercontinental Exchange were down 0.3% at 22.49 cents per pound. Prices were down tracking a fall in crude oil prices on the NYMEX. When crude oil prices fall, it discourages diversion of sugarcane for ethanol production, which increases its supply for production of sugar.  End

US$1 = INR 83.96

Edited by Manisha Baxla

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