India Sugar
Steady in key mkts; demand likely to pick up ahead of Diwali
This story was originally published at 22:33 IST on 15 October 2024
Register to read our real-time news.Informist, Tuesday, Oct. 15, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Maharashtra and Uttar Pradesh were steady Tuesday, said traders. Prices fell during the previous few days as there was poor demand and selling pressure, they said.
Mills in Maharashtra kept prices steady today as they are waiting for demand to pick up ahead of Diwali festival, said Semal Sudhir Jain, secretary of the Kolhapur-Karad-Sangli Sugar Merchants Association. If demand does not pick up, prices will slide further, Jain said.
Mills in parts of Maharashtra cut prices by INR 30-40 per 100 kg as there was poor demand at higher prices. 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' levels all over again, Jain 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, he said.
Following are the highlights of sugar prices in the domestic market Tuesday:
-Flat 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
-Flat at INR 3,650-3,700 per 100 kg in Kolhapur
At 2037 IST, sugar prices on the Intercontinental Exchange were up 1% at 22.41 cents per pound. Sugar prices edged higher due to lower sugar production in Brazil. Brazilian sugar industry association UNICA said 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 84.03
Edited by Deepshikha Bhardwaj
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