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Informist, Friday, Dec. 20, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Friday due to limited demand, said traders. Prices may fall in the coming week if mills are in a hurry to meet the sales quota for the month, they said.

Mills across Uttar Pradesh kept prices steady Friday after raising prices the previous day by INR 10-INR 20 per 100 kilograms as demand picked up slightly, said Naresh Gupta, a trader from north India. Mills may cut prices in the coming week if there is pressure to meet the quota, he 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:

-Flat at INR 3,580-INR 3,700 per 100 kg in western Uttar Pradesh

-Flat 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 2017 IST, the price of sugar on the Intercontinental Exchange was down 0.3% at 19.34 cents per pound, due to 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 85.01

Edited by Akul Nishant Akhoury

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