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Informist, Tuesday, Dec. 17, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Tuesday owing to limited demand, said traders. Prices are likely to be on the downtrend this week as demand is not likely to pick up any time soon, they said.

Mills across Uttar Pradesh kept prices steady as there was limited need-based demand, said Naresh Gupta, a trader from north India. Resale markets have exhausted pipeline stocks but are hesitant to replenish their stock as there is little demand, Gupta said. Prices are likely to fall further during the week, he said.

The resale market cut prices by INR 5-INR 10 per 100 kg Tuesday, Gupta said. Mills in Uttar Pradesh are likely to cut prices by INR 10-INR 20 per 100 kg this week, he added. Demand for the sweetener is usually low at this time of the year due to lower offtake by bulk purchasers such as ice-cream and cold-drink manufacturers. With the availability of alternatives such as jaggery and khandsari, demand for sugar has fallen more, he added.

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

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

-Flat at INR 3,575-INR 3,690 per 100 kg in western Uttar Pradesh

-Flat at INR 3,575-INR 3,690 per 100 kg in central Uttar Pradesh

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

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

At 1826 IST, the price of sugar on the Intercontinental Exchange was down 1.2% at 20.44 cents per pound, tracking losses in crude oil. Lower crude oil prices discourage diversion of sugarcane towards the production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 84.89

Edited by Rajeev Pai

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