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Informist, Monday, Oct. 14, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Maharashtra and Uttar Pradesh fell Monday, traders said. Prices fell due to poor demand and selling pressure, they said. 

Mills in parts of Maharashtra cut prices by INR 30-40 per 100 kg as there was poor demand at higher prices, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. Demand should pick up in the coming days ahead of the Diwali festival, Jain said.

Sugar prices had risen after the release of the sales quota as the quota was deemed to be insufficient, but have fallen to previous months' price levels all over again, he said.

Sweetener prices in western Uttar Pradesh fell by INR 10 per 100 kg due to poor demand and as mills are in a hurry to offload stocks, said Naresh Gupta, a local trader from north India. Prices also fell in the resale markets of western Uttar Pradesh by INR 10-15 per 100 kg, he said.

Prices have risen by almost INR 100–120 rupees per 100 kg after the release of the quota, and have fallen by about INR 60-70 per 100 kg from the higher levels. 

In the next one or two days, prices are likely to fall further and then demand should pick up, Gupta said. Moreover, there will be robust demand even ahead of the Diwali festivals, when prices will increase, he said. Prices were steady in Central Uttar Pradesh on Monday, Gupta said.

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

-Down INR 10 at INR 3,830-3,930 per 100 kg in western Uttar Pradesh

-Flat at INR 3,840-3,940 per 100 kg in central Uttar Pradesh

-Flat at INR 3,862-3,950 per 100 kg in Mumbai

-Down INR 30-40 at INR 3,650-3,700 per 100 kg in Kolhapur

At 2025 IST, sugar prices on the Intercontinental Exchange were up 1% at 22.26 cents per pound. Sugar prices edged higher due to smaller sugar production in Brazil. UNICA, a Brazilian sugar industry associate, said sugar output in Brazil's Center-South region during the second half of September fell 16.2% on year to 2.8 million tonnes.  End

US$1 = INR 84.06

Edited by Vidhi Verma

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