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Informist, Friday, Nov. 22, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Friday, said traders. Mills might cut prices further as they have to offload the stocks and meet the sales quota for the month, they said.

Mills across Uttar Pradesh kept prices steady for the second consecutive day after increasing them on Wednesday by INR 10 per 100 kg, said Naresh Gupta, a trader from north India. Demand on Thursday and Friday was subdued, so mills kept prices steady, Gupta said.

In the resale market, however, prices fell by another INR 10-INR 15 per 100 kg on sluggish demand, and mills may 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.

Sweetener prices were steady in Maharashtra Friday for the second consecutive day 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 1936 IST, sugar prices on the Intercontinental Exchange were up 0.2% at 21.42 cents per pound. Recent drought and excessive heat caused fires in Brazil that damaged sugar crops in top sugar-producing state Sao Paulo. Sugar cane industry group Orplana said that as many as 2,000 fire outbreaks affected up to 80,000 hectares of planted sugarcane in Sao Paulo. Concerns of lower availability supported global sugar prices.  End

US$1 = INR 84.44

Edited by Akul Nishant Akhoury

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