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Informist, Thursday, Jan. 2, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar rose further in the key markets of Uttar Pradesh and Maharashtra Thursday as demand improved and sales quota for January is seen low, traders said.

On Wednesday, mills across Uttar Pradesh raised prices by INR 15-INR 20 per 100 kg as demand improved, said Naresh Gupta, a trader from north India. They also increased prices tracking a rise in Maharashtra, Gupta said. Moreover, at 2.25 million tonnes, the sales quota for January may not be enough to meet the demand during the month, he said. 

Prices could rise further as there are a few festivals in January and there could be demand from bulk consumers of sugar such as confectioners, Gupta added. As this is the beginning of the month, mills are also not in a hurry to meet the sales quota, he said.

Mills in Maharashtra raised prices by INR 20-INR 30 per 100 kg as there is demand from households since last week of December, 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 push them back to their 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 15-INR 20 at INR 3,640-INR 3,800 per 100 kg in western Uttar Pradesh

-Up INR 15-INR 20 at INR 3,640-INR 3,790 per 100 kg in central Uttar Pradesh

-Up INR 20-INR 30 at INR 3,520-INR 3,580 per 100 kg in Kolhapur, Maharashtra

-Up INR 20-INR 30 at INR 3,672-INR 3,852 per 100 kg in Mumbai, Maharashtra

At 1703 IST, the price of sugar on the Intercontinental Exchange fell 0.1% to 19.24 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 85.75

Edited by Ashish Shirke

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