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Informist, Wednesday, Dec. 18, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell slightly Wednesday due to subdued demand, said traders. Mills in Maharashtra kept prices steady due to limited demand, they added.

Mills across Uttar Pradesh cut prices by INR 5-INR 10 per 100 kilograms, said Naresh Gupta, a trader from north India. Demand picked up slightly at the quoted price levels, but mills will have to wait to see if there is still demand at these prices on Thursday, Gupta said.

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. 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 Semal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchants Association. Prices are likely to remain at current levels in the coming week, he said. Prices will recover the losses only after Feb. 15, Jain added. 

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

-Down INR 5-10 at INR 3,570-INR 3,680 per 100 kg in western Uttar Pradesh

-Down INR 5-10 at INR 3,570-INR 3,680 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 2005 IST, the price of sugar on the Intercontinental Exchange was down 1% at 19.66 cents per pound, tracking losses in crude oil. An improved global supply outlook is undercutting sugar prices. On Nov. 21, the International Sugar Organization lowered its 2024-25 global sugar deficit forecast to 2.51 million tonnes, compared with an August forecast of 3.58 million tonnes. The organisation also raised its 2023-24 global sugar surplus estimate to 1.31 miilion tonnes from an August projection of 200,000 tonnes.  End

US$1 = INR 84.95

Edited by Akul Nishant Akhoury

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