India Sugar
Dn in north on poor demand at high prices, steady in Maharashtra
This story was originally published at 19:50 IST on 9 October 2024
Register to read our real-time news.Informist, Wednesday, Oct. 9, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell today due to poor demand at higher prices, traders said. In Maharashtra, prices were steady today, as demand and supply were on a par, they said.
Mills across Uttar Pradesh cut prices by INR 20-40 per 100 kg as demand was poor at higher prices, said Naresh Gupta, a trader from north India. 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. There was no demand today even at reduced price levels, he said.
Prices in resale markets were also down by INR 30-40 per 100 kg. Prices are likely to remain under pressure for the next two to three days as demand for the Diwali festival will only pick up after Dusshera, Gupta 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 10–20 per 100 kg in the coming days ahead of Diwali, Kuvadia said.
Following are the highlights of sugar prices in the domestic market Wednesday:
-Down INR 20-40 at INR 3,820-3,930 per 100 kg in central Uttar Pradesh
-Down INR 20-40 at INR 3,820-3,920 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 1826 IST, sugar prices on the Intercontinental Exchange were down 2.4% at 21.95 cents per pound, 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 Avishek Dutta
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