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Informist, Tuesday, Nov. 12, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar fell in the key markets of Uttar Pradesh but were steady in Maharashtra, traders said. Sugar prices are likely to remain in a downtrend in the country till December, they said.

Mills across Uttar Pradesh cut prices by INR 20-30 per 100 kilograms due to sluggish demand and ample availability of sugar as crushing has started, said Naresh Gupta, a trader from north India. Prices have fallen by about INR 100 per 100 kg this month from the peak price levels, he said. Prices had risen by about INR 100 per 100 kg after the government announced a lower sugar sales quota of 2.2 million tonnes for November, Gupta said.

The pipeline stocks with resale market are low, but they are hesitant to stock up as prices might fall further, 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 were steady Tuesday, after falling the previous day, said Semal Sudhir Jain, secretary at Kolhapur Karad Sangli Sugar Merchant Association. There is demand, but prices will still remain on the downtrend as new production has started to come in and the mills want to liquidate the old stocks, Jain said.

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

-Down by INR 20-INR 30 at INR 3,690-INR 3,840 per 100 kg in western Uttar Pradesh

-Down by INR 20-INR 30 at INR 3,690-INR 3,840 per 100 kg in central Uttar Pradesh

-Flat at INR 3,620-INR 3,670 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,796-INR 3,882 per 100 kg in Mumbai, Maharashtra

At 2010 IST, sugar prices on the Intercontinental Exchange were down 0.6% at 21.23 cents per pound. UNICA, the Brazilian sugarcane industry association, on Oct. 25 said sugar output in Brazil's Center-South region in the first half of October rose 8% on year to 2.4 million tonnes. Higher availability weighed on global sugar prices.  End

US$1 = INR 84.39

Edited by Saji George Titus

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