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Informist, Tuesday, Dec. 10, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady as there was limited demand, said traders. Prices are likely to fall further in the coming days if demand does not pick up, they added.

Mills across Uttar Pradesh kept prices steady Tuesday, as there was limited demand, said Naresh Gupta, a trader from north India. Prices have fallen by over INR 270 since November, he added. 

Demand for the sweetener is usually low during this time due to lower offtake by bulk buyers, such as from ice-cream and cold-drink manufacturers, said Gupta. Moreover, due to availability of alternatives such as jaggery and Khandsari, demand for sugar fall even more, he added. Price trends are likely to remain mixed during the coming days, as prices are significantly low and mills will want to raise rates. However, on other hand, low demand is likely to weigh on prices, and the higher quoted price levels might not sustain, Gupta said.

Mills in Maharashtra kept prices steady Tuesday due to limited demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices are likely to remain at the current levels during this week, he said.

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

-Flat at INR 3,570-3,700 per 100 kg in western Uttar Pradesh

-Flat at INR 3,610-3,730 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 1612 IST, sugar prices on the Intercontinental Exchange were up 0.3% at 21.87 cents per pound, tracking losses in crude oil prices. Lower crude oil prices are likely to discourage diversion of sugarcane towards the production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 84.85

Edited by Akul Nishant Akhoury

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