India Sugar
Up in north despite muted demand, Maharashtra markets shut
This story was originally published at 16:21 IST on 31 October 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in central Uttar Pradesh rose Thursday, despite muted demand amid ongoing Diwali festivals, but prices were steady in western Uttar Pradesh, said traders. Prices in the key markets of Maharashtra were unavailable today, they said.
Mills in central Uttar Pradesh raised prices by INR 20-30 per 100 kg, even though there was hardly any buying, as the market participants anticipated demand to increase after Diwali, said Naresh Gupta, a trader from north India. Mills in the western part of the state, however, kept prices steady Thursday, he said.
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.
In the resale markets too, prices were at the same levels Thursday as there was no buying due to the unavailability of trucks for delivery, Gupta said.
Sweetener prices in the key markets of Maharashtra were unavailable today, as markets were shut on account of the Diwali festival, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Markets will reopen on Saturday on the occasion of Hindu new year, he added.
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 20-30 at INR 3,750-3,890 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 1504 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 22.27 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 84.08
Edited by Vidhi Verma
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