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Informist, Thursday, Oct. 10, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Thursday due to weak demand at higher price levels, said traders. Mills in Maharashtra kept prices steady, they said.

Some mills which did not cut prices on Wednesday, reduced by INR 20-25 per 100 kg, said Naresh Gupta, a local trader from north India. Demand was limited even at the reduced price levels, said Gupta. In the coming weeks demand is likely to pick up ahead of the commencement of Diwali festival, he said.

Prices in the resale markets were steady today. 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. However, prices are again retreating to lower levels as the Dusshera demand has been met and there are no eager buyers at the moment, Gupta said. There was no demand today even at reduced price levels, 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 10–20 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 20-25 at INR 3,800-3,930 per 100 kg in central Uttar Pradesh

-Down INR 20-25 at INR 3,820-3,900 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 1528 IST, sugar prices on the Intercontinental Exchange were down 0.7% at 21.87 cents per pound. The Indian Meteorological Department said that India received 934.8 mm of rain during the current monsoon season as of September 30. Optimism that above-average monsoon rains in India will lead to a bumper sugar crop is bearish for global sugar prices.  End

US$1 = INR 83.96

Edited by Akul Nishant Akhoury

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