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Informist, Wednesday, Jan. 1, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra rose on Wednesday as the sales quota for January is deemed insufficient, traders said. Mills were also not in a hurry to meet the sales quota, they said. 

Mills across Uttar Pradesh increased prices by INR 5-INR 10 per 100 kilograms Wednesday, as the sales quota for January at 2.25 million tonnes may not be enough to meet the demand during the month, Naresh Gupta, a north India-based trader, said. Prices could rise further as there are few festivals in January and there could be demand from bulk consumers of sugar such as confectionaries, he said.

There is little demand at the elevated price levels, but mills are not in a hurry 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 increased prices by INR 15-20 per 100 kg as there was demand from households at the beginning of the month, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Moreover, since prices fell by around INR 200 per 100 kg in the past two months mills will try to bring them back to the earlier levels, he said. Prices are likely to increase by INR 10-INR 20 per 100 kg in the coming days, 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

-Up INR 15-INR 20 at INR 3,495-INR 3,565 per 100 kg in Kolhapur, Maharashtra

-Up INR 15-INR 20 at INR 3,695-INR 3,827 per 100 kg in Mumbai, Maharashtra

The Intercontinental Exchange was shut on account of New Year's Day.  End

US$1 = INR 85.64

Edited by Saji George Titus

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