India Sugar
Down in north India on weak demand; steady in Maharashtra
This story was originally published at 17:49 IST on 5 November 2024
Register to read our real-time news.Informist, Tuesday, Nov. 5, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Tuesday due to weak demand, said traders. Sugar prices in Maharashtra were steady, they said.
Mills across Uttar Pradesh cut prices by INR 10-20 per 100 kg as there was little demand at the elevated price levels, said Naresh Gupta, a local trader from north India. There was only need-based buying by the resale market, Gupta said. Mills across the state had 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.
During this month, prices are likely to remain on the downtrend as sugarcane crushing has begun and there will be higher availability of sugar but the festival season has ended and demand is unlikely to pick up, said Gupta.
Sweetener prices in the key markets of Maharashtra were steady Tuesday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to fall by INR 5-10 per 100 kg as there is poor demand, Kuvadia said.
Following are the highlights of sugar prices in the domestic market on Monday:
-Down by INR 10-20 at INR 3,720-3,911 per 100 kg in western Uttar Pradesh
-Down by INR 10-20 at INR 3,720-3,850 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 1627 IST, sugar prices on the Intercontinental Exchange were down 1.1% at 21.68 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. End
US$1 = INR 84.10
Edited by Akul Nishant Akhoury
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