More Stories

Informist, Thursday, Oct. 17, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Thursday as demand continued to be sluggish, said traders. Prices remained unchanged at mills in Maharashtra as demand and supply were on a par, they said. 

Mills across Uttar Pradesh cut prices by INR 30-40 per 100 kg as most of the festival demand has been met and currently demand is just need-based, said Naresh Gupta, a local trader from north India. In the resale market, too, prices fell by INR 20-30 per 100 kg, Gupta said.

The downtrend is likely to continue this entire month as demand is unlikely to pick up, 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. 

Prices of the sweetener in Maharashtra were steady Thursday as demand was equal to supply, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain steady even during the coming days, as even though the market expects that the demand will pick up, it has remained need-based, Kuvadia said. 

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

-Down INR 30-40 at INR 3,800-3,900 per 100 kg in western Uttar Pradesh

-Down INR 30-40 at INR 3,800-3,900 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 up 0.5% at 22.1 cents per pound. Sugar prices rose tracking an increase in crude oil prices on the New York Mercantile Exchange. When crude oil prices rise, it encourages diversion of sugarcane for ethanol production, which decreases its supply for production of sugar.  End

US$1 = INR 84.06

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.