India Sugar
Prices fall in Maharashtra on weak demand, flat in Uttar Pradesh
This story was originally published at 18:20 IST on 27 November 2024
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By Afra Abubacker
NEW DELHI – Ex-mill prices of sugar fell Wednesday in key markets of Maharashtra, but remained unchanged in Uttar Pradesh amid a lack of fresh triggers, traders said. "Nothing special is happening in the market. Sugar is getting lifted at yesterday's (Tuesday's) price," Naresh Gupta, a sugar trader from northern India, said.
Sugar prices fell by INR 10-INR 15 in major markets of Maharashtra, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices fell amid weak demand for the sweetener in winter. In addition, the absence of any major festivals in December also weighed on prices, Kuvadia said.
The market now awaits the December sales quota due this week, which is expected at around 2.15 million tonnes, Kuvadia said. Last year, the December sales quota was 2.4 million tonnes. The central government fixes the maximum quantity of sugar available for sale every month to support prices and help mills clear the arrears of sugarcane farmers.
Following are the highlights of sugar prices in the domestic market on Wednesday:
-Flat at INR 3,625-INR 3,725 per 100 kg in western Uttar Pradesh
-Down INR 10-15 at INR 3,480-INR 3,550 per 100 kg in Kolhapur, Maharashtra
-Down INR 10-15 at INR 3,720-INR 3,852 per 100 kg in Mumbai, Maharashtra
At 1600 IST, sugar prices on the Intercontinental Exchange were up 1.6% at 21.92 cents per pound, tracking gains in crude oil prices. Higher crude oil rates are likely to prompt mills to divert more sugarcane towards ethanol than sugar production, thus lowering sugar supplies. End
Edited by Tanima Banerjee
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