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Informist, Monday, Oct. 21, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell again Monday, as sales in the resale market took a hit from a drop in prices, traders said. In Maharashtra, prices were steady as demand and supply were on par, they said.

Some mills in western Uttar Pradesh cut prices by INR 20-30 per 100 kg, said Naresh Gupta, a trader from north India. The downtrend is likely to continue as buyers are reluctant to stock up sugar amid falling prices and demand is just need-based at the moment, said Gupta.

In the resale markets of Uttar Pradesh, prices fell by INR 10-20 per 100 kg, said Gupta. Prices have fallen by about INR 100 per 100 kg in the past 15-20 days from the peak of INR 3,961 per 100 kg this month. The downtrend is likely to continue even during the coming month as crushing begins, he added.

Prices of the sweetener in Maharashtra were steady today as demand and supply were stable, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at current levels as demand is unlikely to pick up, Kuvadia said. Demand from bulk consumers of sugar such as ice-cream and cold-drink manufacturers is usually low during the winter, Kuvadia said. 

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

-Down INR 20-30 at INR 3,770-3,850 per 100 kg in western Uttar Pradesh

-Down INR 20-30 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 1629 IST, sugar prices on the Intercontinental Exchange were down 0.2% at 22.15 cents per pound. Optimism that above-average monsoon rainfall in India will lead to a bumper sugarcane crop is bearish for global sugar prices. India received 934.8 mm of rain during the current monsoon season as of Sep. 30, the most in four years and 7.6% more than the comparable long-term average of 868.6 mm, according to the India Meteorological Department.  End

US$1 = INR 84.07

Edited by Avishek Dutta

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