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Informist, Friday, Dec. 6, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell Friday, because of limited demand, said traders. Mills in Maharashtra kept prices steady, they said.

Mills in west Uttar Pradesh cut prices by INR 10-20 per 100 kg and mills in the central part of the state cut prices by INR 10-15 per 100 kg as there was limited demand in the resale market, said Naresh Gupta, a trader from north India. The resale market has exhausted the pipeline stocks, but buyers are not stocking up and are limiting themselves to need-based purchases, Gupta said. The resale market, too, cut prices by INR 10-15 per 100 kg, Gupta said. Since November, sugar prices have fallen by over INR 270 per 100 kg, he added.

Prices are likely to fall further in the coming days as there is no demand from bulk consumers of sugar such as ice-cream and cold-drink manufacturers, Gupta said, with winter having set in, particularly in the north. Prices are likely to fall even though the sales quota for December is 15% lower than for November, as demand is poor amid the ongoing crushing season, Gupta said, adding that mills also have carryover stocks from the previous months.

Mills in Maharashtra also kept prices steady Friday, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels in the coming week, he said.

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

-Down INR 10-20 at INR 3,560-3,690 per 100 kg in western Uttar Pradesh

-Down INR 10-15 at INR 3,600-3,720 per 100 kg in central Uttar Pradesh

-Flat at INR 3,500-3,550 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,642-3,682 per 100 kg in Mumbai, Maharashtra

At 1603 IST, sugar prices on the Intercontinental Exchange were steady at 21.27 cents per pound.  End

US$1 = INR 84.68

Edited by Rajeev Pai

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