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Informist, Friday, Oct. 25, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Friday, as most of the mills have exhausted their monthly sales quota, said traders. For the rest of the month, prices will either remain at the current levels or improve slightly, they added.

Mills in Uttar Pradesh kept prices steady today as they have sold most of their stock and were not in a rush to meet the quota, said Naresh Gupta, a local trader from north India. The month ends in another five to six days and since most mills have met their sales quota, and there is some festival demand, prices might increase slightly, Gupta said. 

However, in November, prices may fall as the availability of sugar and khandsari, which is a substitute for sugar, is going to increase with sugarcane crushing set to begin next month, Gupta added.

Prices of the sweetener in Maharashtra were steady Friday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. They are likely to fall, now that a committee of ministers has deferred a proposal to raise the minimum selling price for sugar, Kuvadia said. Millers will now liquidate the old stocks that they had stored, if there is no minimum selling price hike, he added.

Prices during the coming month will also depend on the monthly sales quota allocated by the government in November, Kuvadia said. 

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

-Flat at INR 3,720-3,820 per 100 kg in western Uttar Pradesh

-Flat at INR 3,730-3,830 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 1655 IST, sugar prices on the Intercontinental Exchange were down 0.5% at 22.08 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 Sept. 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 84.08

Edited by Vandana Hingorani

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