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Informist, Monday, Dec. 23, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra rose Monday. Demand picked up slightly at the lower price levels, which is why mills raised prices, they said.

Mills across Uttar Pradesh increased prices by INR 30-INR 40 per 100 kg, as demand picked up slightly after prices fell significantly in the past few days, said Naresh Gupta, a trader from north India. Prices have fallen by over INR 270 rupees in the past two months and are now slowly recovering, said Gupta. However, since demand for the sweetener is less during the winter months, prices are unlikely to return to the earlier higher levels, he added.

Mills may cut prices if there is pressure to meet the quota, Gupta said. Demand was generally poor with the availability of alternatives such as jaggery and khandsari, he added.

Mills in Maharashtra also raised prices by INR 15-INR 20 per 100 kg, as there was demand at the lower prices levels, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Mills have exhausted the older stocks and they are selling the newer good quality sugar at higher rate, hence they raised prices, he added. Prices are likely to remain same throughout the week, but could fall or rise later during the week, depending on the sale quota for January, Kuvadia said. 

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

-Up INR 30-40 at INR 3,610-INR 3,740 per 100 kg in western Uttar Pradesh

-Up INR 30-40 at INR 3,610-INR 3,740 per 100 kg in central Uttar Pradesh

-Up INR 15-20 at INR 3,450-INR 3,550 per 100 kg in Kolhapur, Maharashtra

-Up INR 15-20 at INR 3,680-INR 3,830 per 100 kg in Mumbai, Maharashtra

At 1849 IST, the price of sugar on the Intercontinental Exchange was up 1% at 19.67 cents per pound. Reduced sugar output in India is supportive of prices. The National Federation of Cooperative Sugar Factories Ltd reported Monday that India's sugar production from Oct. 1-Dec. 15 fell 18% on year to 6.1 million tonnes.  End

US$1 = INR 85.11

Edited by Akul Nishant Akhoury

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