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Informist, Thursday, Nov. 28, 2024

By Afra Abubacker

NEW DELHI – Ex-mill prices of sugar were flat in key markets of Maharashtra and Uttar Pradesh amid a lack of fresh triggers, traders said. On Thursday, the government released the December sugar sales quota at 2.20 million tonnes, largely in line with the market's expectation of 2.15 million tonnes. Last December, the sales quota was set at 2.40 million tonnes.

The government fixes the maximum quantity of sugar available for sale every month to support prices and help mills clear the arrears of sugarcane farmers. It has also directed mills to pack 20% of their output in jute bags in the sugar season 2024-25 (Oct-Sept).

Sugar prices fell by INR 150 in Maharashtra in November, and by INR 180 in Uttar Pradesh, on weak demand with the onset of winter, traders said. With no major festival to support demand, prices are unlikely to see any major upside and will be largely steady at the current levels in December, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

The following are the highlights of sugar prices in the domestic market on Thursday:

-Flat at INR 3,625-3,725 per 100 kg in western Uttar Pradesh

-Flat at INR 3,480-3,550 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,720-3,852 per 100 kg in Mumbai, Maharashtra

Sugar prices on the Intercontinental Exchange were unavailable on account of the Thanksgiving holiday.  End

Edited by Rajeev Pai

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