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Informist, Thursday, Nov. 21, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Thursday, said traders. Prices might fall further as demand is unlikely to pick up anytime soon, they said.

Mills in western Uttar Pradesh kept prices steady Thursday after raising them by INR 10 per 100 kg the previous day, as demand had improved slightly after prices fell significantly, said Naresh Gupta, a trader from north India. Demand on Thursday was subdued, so mills kept prices steady, Gupta said.

In the resale market, however, prices fell by INR 10-15 per 100 kg on sluggish demand and mills might continue to cut prices in the coming days if demand remains poor, traders said. After increasing by over INR 100 per 100 kg following the release of the sales quota of 2.2 million tonnes for November, prices fell by over INR 170 per 100 kg, Gupta said.

Rates of the sweetener in Maharashtra were steady Thursday, after falling by almost INR 70 per 100 kg in the past few days, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. The household demand is met at the beginning of the month, he said, and with festivals over, there is no demand from bulk consumers such as confectioneries. As a result, prices may fall further in the days to come.

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

-Flat at INR 3,670-INR 3,770 per 100 kg in western Uttar Pradesh

-Flat at INR 3,670-INR 3,780 per 100 kg in central Uttar Pradesh

-Flat at INR 3,550-INR 3,640 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,742-INR 3,851 per 100 kg in Mumbai, Maharashtra

At 2018 IST, sugar prices on the Intercontinental Exchange were down 1.7% at 21.28 cents per pound. Thailand's Office of the Cane and Sugar Board on Oct. 29 had projected that Thailand's 2024-25 (May-Apr) sugar production would jump by 18% on year to 10.35 million tonnes. The outlook for higher sugar production in Thailand is bearish for sugar prices.  End

US$1 = INR 84.49

Edited by Rajeev Pai

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