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Informist, Friday, Oct. 11, 2024

By Ashutosh Pati and Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Friday, traders said. Demand is low at the moment and will pick up in the coming days, they said.

Prices of sugar in mills across Uttar Pradesh were steady after falling for two days, said Naresh Gupta, a local trader from north India. There was sluggish demand even at lower quoted prices and demand will only pick up after Dussehra, Gupta added. Prices were also steady in the resale market of the state.

Mills in Maharashtra also kept prices steady on Friday, said Mukesh Kuvadia, secretary at The Bombay Sugar Merchants Association, said. Demand will only pick up ahead of Diwali, when prices might increase by INR 10-15 per 100 kg, he said.

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

-Flat at INR 3,820-3,920 per 100 kg in western Uttar Pradesh

-Flat at INR 3,820-3,940 per 100 kg in central 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 2035 IST, sugar prices on the Intercontinental Exchange were up 1% at 22.39 cents per pound. Prices were up because of weakness in the Brazilian real against the dollar. A weaker real increases demand for the real-denominated commodity as it becomes cheaper for investors holding other currencies. End

US$1 = INR 84.06

Edited by Akul Nishant Akhoury

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