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Informist, Monday, Nov. 4, 2024

By J. Navya Sruthi

MUMBAI – Ex-mill prices of sugar across the country were steady today due to lack of new cues post-Diwali, traders said. Sugar prices in northern India are likely to fall on low demand, traders said.  

Usually, post-Diwali prices are expected to remain steady with a downward bias as the demand for the sweetener falls, said Naresh Gupta, a trader from north India. Also, sugar supply from factories is likely to arrive in the market very soon, Gupta said. Low demand and expectations of higher supply are likely to pull down sugar prices. 

Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association, expects sugar prices in Maharashtra to remain steady in the near-term. 

Following are the highlights of sugar prices in the domestic market on Monday:

-Flat at INR 3,740-3,930 per 100 kg in western Uttar Pradesh

-Flat at INR 3,7500-3,850 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 1643 IST, sugar prices on the Intercontinental Exchange were down 0.1% at 22.06 cents per pound. UNICA, the Brazilian sugar industry associate, 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. The downside in sugar prices is restricted due to a weak dollar. End

US$1 = INR 84.12

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Vidhi Verma

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