More Stories

Informist, Tuesday, Oct. 29, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in central Uttar Pradesh rose significantly Tuesday as the resale markets have almost exhausted their pipeline stocks, said traders. In Maharashtra, prices were steady today, they said. 

Mills in central Uttar Pradesh raised prices by INR 60-70 per 100 kg due to good demand from the resale market, as they have exhausted their pipeline stocks, said Naresh Gupta, a trader from north India. After the Centre set the sugar sales quota for November at 2.2 million tonnes, mills started increasing rates as the market participants are of the view that the quota will not be sufficient, said Gupta. The monthly sugar quota for November was lower from 2.3 million tonnes in November last year. There was good demand at the quoted prices, Gupta said. 

Moreover, 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 Tuesday, 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:

-Flat at INR 3,740-3,850 per 100 kg in western Uttar Pradesh

-Up by INR 60-70 at INR 3,730-3,860 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 1721 IST, sugar prices on the Intercontinental Exchange were up 0.6% at 22.1 cents per pound. Sugar prices rose tracking a rise in crude oil prices on the New York Mercantile Exchange. When crude oil prices increase, it encourages the diversion of sugarcane for ethanol production, which decreases its supply for the production of sugar.  End

US$1 = INR 84.07

Edited by Akul Nishant Akhoury

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.