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Informist, Thursday, Dec. 26, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose Thursday as demand picked up slightly, while mills in Maharashtra kept prices steady, said traders. Prices are likely to increase further in the coming days as the sales quota for January is deemed insufficient, they said. 

Mills across Uttar Pradesh raised prices by INR 5-INR 10 per 100 kg as demand picked up, said Naresh Gupta, a trader from north India. Prices are likely to increase further if there is no pressure on mills to meet the monthly sales quota, he said. Moreover, the sales quota for January is set at 2.25 million tonnes, which could be less to meet the demand during the month as there are a few festivals in January and there could be demand from bulk consumers of sugar such as confectionaries. 

Mills may also, however, cut prices if there is pressure to meet the sales quota for December, 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 Thursday, said Semal Sudhir Jain, secretary of Kolhapur, Karad, Sangli Sugar Merchants Association. Prices are likely to rise from Friday owing to the low monthly sales quota for January, he said.

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

-Up INR 5-10 at INR 3,540-INR 3,750 per 100 kg in western Uttar Pradesh

-Up IRN 5-10 at INR 3,600-INR 3,780 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 down 1.02% at 19.34 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 85.26

Edited by Akul Nishant Akhoury

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