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Informist, Wednesday, Dec. 11, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose slightly, as mills were not in a hurry to offload the stock and meet the monthly sales quota yet, said traders. In Maharashtra, prices were steady even today due to limited demand, they said. 

Mills across Uttar Pradesh raised prices by INR 10 per 100 kilogram as prices have fallen significantly over the past few days and mills were not in a hurry to lift stocks and meet the monthly quota, said Naresh Gupta, a trader from north India. Prices have fallen by over INR 270 since November, he added. The resale market, too, raised prices by INR 5-INR 10 per 100 kg, he said.

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 fell 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 Wednesday 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:

-Up INR 10 at INR 3,625-3,710 per 100 kg in western Uttar Pradesh

-Up INR 10 at INR 3,620-3,725 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 1655 IST, sugar prices on the Intercontinental Exchange were down 0.2% at 21.02 cents per pound as the outlook for higher sugar production weighed on prices. Thailand's Office of the Cane and Sugar Board projected the country's sugar production to rise by 18% to 10.35 million tonnes in 2024-25.  End

US$1 = INR 84.83

Edited by Akul Nishant Akhoury

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