India Sugar
Down in north on poor demand; ICE prices dn tracking crude oil
This story was originally published at 20:07 IST on 16 October 2024
Register to read our real-time news.Informist, Wednesday, Oct. 16, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh fell slightly Wednesday due to sluggish demand, said traders. In Maharashtra, sugar prices were steady, they said.
Mills across Uttar Pradesh cut prices by INR 5-10 per 100 kilograms as demand still remained subdued, said Naresh Gupta, a local trader from north India. Prices in the resale market also fell by INR 5–10 per 100 kg, as currently demand is just need-based, he said.
In the next 10 days, there could be demand due to Diwali festival, when prices might increase, Gupta said. Prices have risen by almost INR 100–120 per 100 kg after the release of the monthly quota, and have fallen by about INR 60-70 per 100 kg from the higher levels.
Sweetener prices in Maharashtra were steady Wednesday as supply and demand were on par, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels till the end of the week and could increase slightly when demand picks up ahead of Diwali, Kuvadia said.
Following are the highlights of sugar prices in the domestic market Wednesday:
-Down INR 5-10 at INR 3,820-3,920 per 100 kg in western Uttar Pradesh
-Down INR 5-10 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 3,650-3,700 per 100 kg in Kolhapur
At 1749 IST, sugar prices on the Intercontinental Exchange were down 0.6% at 22.68 cents per pound. Sugar prices fell tracking a fall in crude oil prices on the New York Mercantile Exchange. 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 83.99
Edited by Tanima Banerjee
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