India Sugar
Steady in key markets but may fall on weak demand
This story was originally published at 17:50 IST on 3 December 2024
Register to read our real-time news.Informist, Tuesday, Dec. 3, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh and Maharashtra were steady Tuesday. Sweetener prices in both the states have fallen significantly over the past few days and are likely to fall further, they said.
Mills in Uttar Pradesh kept prices steady today after raising prices by INR 10-INR 15 per 100 kg the previous day, said Naresh Gupta, a trader from north India. Prices are likely to fall further even though the sales quota for December is 15% less than the previous month, as demand is poor amid the ongoing crushing season, Gupta said, adding that mills also have the carryover stocks of the previous months.
Additionally, 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 also kept prices steady Tuesday, said Semal Sudhir Jain, secretary of Kolhapur Karad Sangli Sugar Merchant Association. Mills in Maharashtra have cut prices by INR 10-INR 15 per 100 kg due to poor demand during the previous day. Prices are likely to remain under pressure this month, Jain added.
The following are the highlights of sugar prices in the domestic market on Friday:
-Flat at INR 3,630-INR 3,720 per 100 kg in western Uttar Pradesh
-Flat at INR 3,640-INR 3,750 per 100 kg in central Uttar Pradesh
-Flat at INR 3,480-INR 3,550 per 100 kg in Kolhapur, Maharashtra
-Flat at INR 3,685-INR 3,752 per 100 kg in Mumbai, Maharashtra
At 1621 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 21.38 cents per pound, tracking gains in crude oil prices. Higher crude oil prices are likely to prompt mills to divert more sugarcane towards ethanol than sugar production, thus lowering sugar supplies. End
US$1 = INR 84.68
Edited by Akul Nishant Akhoury
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