India Sugar
Up in north as demand improves slightly, steady in Maharashtra
This story was originally published at 19:36 IST on 19 December 2024
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By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose Thursday as demand picked up slightly after mills cut prices the previous day, traders said. Mills in Maharashtra kept prices steady, they said.
Some mills in Uttar Pradesh raised prices by INR 10-20 per 100 kilograms as demand picked up slightly after prices were cut on Wednesday, said Naresh Gupta, a trader from north India. The resale market had exhausted their stocks, so there was demand even at the higher prices, Gupta said.
Demand for the sweetener is usually low at this time of the year due to lower offtake from bulk purchasers like ice cream and cold drink manufacturers. Demand was generally poor with the availability of alternatives such as jaggery and khandsari, 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:
-Up INR 10-20 at INR 3,580-INR 3,700 per 100 kg in western Uttar Pradesh
-Up INR 10-20 at INR 3,580-INR 3,700 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 1920 IST, the price of sugar on the Intercontinental Exchange was down 0.4% at 19.56 cents per pound. An improved global supply outlook is undercutting sugar prices. Last month, the International Sugar Organization lowered its global sugar deficit forecast for 2024-25 to 2.51 million tonnes from 3.58 million tonnes earlier. The organisation also raised its global sugar surplus estimate for 2023-24 to 1.31 million tonnes from 200,000 tonnes earlier. End
US$1 = INR 85.07
Edited by Saji George Titus
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