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Informist, Tuesday, Dec. 31, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose slightly Tuesday and were steady in Maharashtra, said traders. Prices are likely to increase in the coming days as the sales quota for January is deemed insufficient, they said.

Mills across Uttar Pradesh increased prices by INR 5-INR 10 per 100 kilograms Tuesday, but there was little demand at the elevated price levels, said Naresh Gupta, a trader from north India. Mills might increase prices further in the coming days as it is the beginning of the month and mills are not in a hurry to meet the sales quota, said Gupta.

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. Demand was generally poor with the availability of alternatives such as jaggery and khandsari, he added.

Mills in Maharashtra kept prices steady today, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. However, prices are likely to increase by INR 10-INR 20 per 100 kg due to household demand at the start of the month, Kuvadia said. 

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

-Up INR 5-INR 10 at INR 3,625-INR 3,750 per 100 kg in western Uttar Pradesh

-Up INR 5-INR 10 at INR 3,640-INR 3,760 per 100 kg in central Uttar Pradesh

-Flat at INR 3,480-INR 3,550 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,680-INR 3,812 per 100 kg in Mumbai, Maharashtra

At 1452 IST, the price of sugar on the Intercontinental Exchange fell 0.2% to 19.10 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 85.59

Edited by Akul Nishant Akhoury

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