India Sugar
Up in north on lower sales quota for Nov, steady in Maharashtra
This story was originally published at 19:51 IST on 28 October 2024
Register to read our real-time news.Informist, Monday, Oct. 28, 2024
By Taniva Sigha Roy
MUMBAI – Ex-mill prices of sugar rose in the key markets of Uttar Pradesh Monday after the government set a lower sugar sales quota for November, traders said. However, mills in Maharashtra kept prices steady, they said.
Mills across Uttar Pradesh raised prices by INR 20-30 per 100 kg after the Centre set the sugar sales quota for November at 2.2 million tonnes, said Naresh Gupta, a trader in north India. The monthly sugar quota for November was lower than 2.3 million tonnes in November last year. There was good demand at the quoted prices, Gupta said.
Mills have raised prices as they were not in a rush to meet the quota, Gupta said. The month has almost come to an end and there is some festival demand so mills might raise prices in the coming days, he said.
Mills in Maharashtra kept prices steady on Monday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Mills are still selling at the prevailing rates, but prices will fluctuate from the next month depending on the demand, he said.
Following are the highlights of sugar prices in the domestic market on Monday:
-Up INR 20-30 at INR 3,740-3,850 per 100 kg in western Uttar Pradesh
-Up INR 20-30 at INR 3,750-3,860 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 1826 IST, sugar prices on the Intercontinental Exchange were down 1.7% at 21.77 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 the diversion of sugarcane for ethanol production, which increases its supply for the production of sugar. End
US$1 = INR 84.07
Edited by Saji George Titus
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