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Informist, Tuesday, Dec. 24, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra were steady Tuesday due to limited need-based demand, said traders. Mills may cut prices if there is a pressure to meet the monthly sales quota, they said. 

Mills across Uttar Pradesh kept prices steady Tuesday, after increasing prices the previous day by INR 30-INR 40 per 100 kg, as demand had 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 winter months, prices are unlikely to return to the earlier higher levels, he added.

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

Mills in Maharashtra also kept prices steady Tuesday, after increasing prices the previous day by INR 15-INR 20 per 100 kg, as there was demand at the lower prices levels, said Semal Sudhir Jain, secretary of Kolhapur, Karad, Sangli Sugar Merchants Association. Prices are likely to remain the same throughout the week, but could fall or rise later during the week, depending on the sales quota for January, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

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

-Flat at INR 3,610-INR 3,740 per 100 kg in western Uttar Pradesh

-Flat at INR 3,610-INR 3,740 per 100 kg in central Uttar Pradesh

-Flat at INR 3,450-INR 3,550 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,680-INR 3,830 per 100 kg in Mumbai, Maharashtra

At 2045 IST, the price of sugar on the Intercontinental Exchange was up 1% at 19.73 cents per pound, tracking gains in crude oil prices on the NYMEX. Higher crude oil prices encourage diversion of sugarcane towards the production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 85.20

Edited by Akul Nishant Akhoury

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