India Sugar
Steady in key markets on limited buying amid ongoing festivals
This story was originally published at 19:06 IST on 30 October 2024
Register to read our real-time news.Informist, Wednesday, Oct. 30, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Wednesday, said traders. There was less activity in the market due to the ongoing festivals, they added.
Mills in Uttar Pradesh kept prices steady as little buying took place due to Diwali and there was limited availability of trucks for delivery, said Naresh Gupta, a trader from north India. Mills across the state have increased prices by INR 100 per 100 kg after the government released the sugar sales quota of 2.2 million tonnes for November, said Gupta.
However, prices might fall in the coming days if there is no demand at the prevailing rates. Mills have raised prices as they were not in a rush to meet the quota, Gupta 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:
-Flat at INR 3,740-3,850 per 100 kg in western Uttar Pradesh
-Flat at 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 1724 IST, sugar prices on the Intercontinental Exchange were down 0.2% at 22.03 cents per pound. UNICA, the Brazilian sugar industry associate, on Friday said sugar output in Brazil's Center-South region during the first half of October rose 8% on year to 2.4 million tonnes. An increased availability of sugar weighed on global sugar prices. End
US$1 = INR 84.08
Edited by Tanima Banerjee
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