India Sugar
Down in north on poor demand, steady in Maharashtra
This story was originally published at 19:44 IST on 6 November 2024
Register to read our real-time news.Informist, Wednesday, Nov. 6, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Wednesday owing to poor demand, said traders. Mills in Maharashtra kept prices steady, they said.
Mills across Uttar Pradesh cut prices by INR 10 per 100 kg as demand did not pick up even after prices were reduced by INR 10-20 Tuesday, said Naresh Gupta, a trader from north India. 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 the sweetener, but with the festival season coming to an end, demand is unlikely to pick up, said Gupta.
Prices of sugar in the key markets of Maharashtra were steady Wednesday, said Semal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchant Association. Prices are likely to fall by INR 5-10 per 100 kg as there is poor demand and crushing is likely to start after Nov. 10, Jain said.
Following are the highlights of sugar prices in the domestic market on Wednesday:
-Down by INR 10 at INR 3,710-3,900 per 100 kg in western Uttar Pradesh
-Down by INR 10 at INR 3,710-3,840 per 100 kg in central Uttar Pradesh
-Flat at INR 3,650-3,700 per 100 kg in Kolhapur, Maharashtra
At 1714 IST, sugar prices on the Intercontinental Exchange were down 0.5% at 21.77 cents per pound. Sugar prices fell, tracking weak crude oil prices on the New York Mercantile Exchange. When crude oil prices decrease, it discourages the diversion of sugarcane for ethanol production, which increases its supply for the production of sugar. End
US$1 = INR 84.24
Edited by Rajeev Pai
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