India Sugar
Mixed; prices up in north in anticipation of rise in demand
This story was originally published at 19:33 IST on 2 December 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar fell slightly in the key markets of Uttar Pradesh on Monday while prices fell in Maharashtra, said traders. Mills in Uttar Pradesh raised rates in anticipation of rise in demand while mills in Maharashtra cut prices due to poor demand, they said.
Mills across Uttar Pradesh raised prices by INR 10-15 per 100 kg as resellers have exhausted their stocks, said Naresh Gupta, a local trader from north India. However, there was little demand at the raised price levels, so mills might have to cut prices, Gupta said. In the past one week, mills cut prices by INR 60-70 per 100 kg to meet sales quota for November, he said.
Higher sugar production will weigh on prices in December. "Full crushing will be on. Uttar Pradesh will be under more pressure as Maharashtra started crushing late," Gupta said.
Mills in Maharashtra cut prices by INR 10-15 per 100 kg due to poor demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to stabilise at the current levels, Kuvadia added.
The following are the highlights of sugar prices in the domestic market on Friday:
-Up INR 10-15 at INR 3,630-3,720 per 100 kg in western Uttar Pradesh
-Up INR 10-15 at INR 3,640-3,750 per 100 kg in central Uttar Pradesh
-Down INR 10-15 at INR 3,480-3,550 per 100 kg in Kolhapur, Maharashtra
-Down INR 10-15 at INR 3,685-3,752 per 100 kg in Mumbai, Maharashtra
At 1646 IST, sugar prices on the Intercontinental Exchange were steady at 21.13 cents per pound, tracking gains in crude oil prices. End
US$1 = INR 84.69
Edited by Ashish Shirke
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