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Informist, Friday, Nov. 8, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra fell Friday as there was sluggish demand, said traders. Prices will remain on the downtrend across the country as fresh production of the sweetener has begun, and ample supplies are expected in the coming days, they said.

Mills across Uttar Pradesh cut prices again Friday by INR 10-INR 20 per 100 kg as demand was minimal, said Naresh Guta, a trader from north India. Prices have risen by about INR 100 per 100 kg, after the release of the sugar sales quota of 2.2 million tonnes for November, Gupta said, adding that now prices are likely to fall back to the earlier lower levels. Prices in the resale market of Uttar Pradesh also fell by INR 10-INR 20 per 100 kg, Gupta added.

Demand at the moment is just need-based and buyers are hesitant to stock up sugar amid the downtrend in prices, Gupta said. Prices are likely to remain at the current levels or fall, even if demand picks up slightly during the wedding season, said Gupta.

Prices of sugar in the key markets of Maharashtra fell by another INR 10 per 100 kg due to poor demand and mills clearing up old stocks of sugar before new cane arrivals, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to fall by INR 10-INR 20 per 100 kg as there is poor demand and crushing is likely to start after Sunday, Kuvadia said.

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

-Down by INR 10-INR 20 at INR 3,700-INR 3,890 per 100 kg in western Uttar Pradesh

-Down by INR 10-INR 20 at INR 3,700-INR 3,850 per 100 kg in central Uttar Pradesh

-Down by INR 10 at INR 3,620-INR 3,670 per 100 kg in Kolhapur, Maharashtra

-Down by INR 10 at INR 3,796-INR 3,882 per 100 kg in Mumbai, Maharashtra

At 1644 IST, sugar prices on the Intercontinental Exchange were steady at 22.16 cents per pound.  End

US$1 = INR 84.37

Edited by Tanima Banerje

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