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Informist, Friday, Oct. 18, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh continued to fall Friday due to sluggish demand, said traders. Mills in Maharashtra kept prices steady from the previous day, they said.

Some mills which were at higher price levels on Thursday in western Uttar Pradesh cut prices by INR 20-25 per 100 kilogram Friday, as demand remained sluggish, said Naresh Gupta, a local trader from north India. The resale markets too cut prices by INR 10-20 per 100 kg on Friday, Gupta said. Prices were, however, more or less steady in the central part of the state.

Gupta added that prices are likely to remain on the downtrend for the rest of the month as demand is unlikely to pick up and mills are in a hurry to offload stocks to meet the sales quota for the month. Since the beginning of October, prices have fallen by about INR 70-100 per 100 kg, Gupta said.

Prices of the sweetener in Maharashtra were steady Thursday as supply was sufficient to meet demand, 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 had expected demand to pick up, it has remained need-based, Kuvadia said.  

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

-Down INR 20-25 at INR 3,790-3,880 per 100 kg in western Uttar Pradesh

-Down INR 20-25 at INR 3,790-3,890 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 1852 IST, sugar prices on the Intercontinental Exchange were up 0.1% at 22.29 cents per pound. Sugar prices edged higher due to lower sugar production in Brazil. The 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 84.07

Edited by Tanima Banerjee

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