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Informist, Thursday, Jan. 9, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh rose Thursday due to firm demand at the beginning of the month, said traders. Mills in Maharashtra kept prices steady as demand and supply were on par, they said.

Mills across Uttar Pradesh increased prices by INR 30-INR 40 per 100 kg as demand improved even at elevated prices because mills were not in a hurry to meet the sales quota at the beginning of the month, said Naresh Gupta, a trader from north India. In the resale market too, prices increased by INR 10-INR 15 per 100 kg, Gupta said.

Moreover, market rumours about a revision in the minimum selling price for sugarcane in the next few days also led to mills increasing prices, Gupta said. Prices are likely to remain at current levels in the coming days but may increase later this month, as the sales quota for January, at 2.25 million tonnes, may not be enough to meet demand during the month amid various festivals and demand from bulk consumers of sugar such as confectioners, he added.

Mills in Maharashtra kept prices steady as there was little demand at elevated prices, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Prices of the sweetener rose over the past few days owing to demand from households since the last week of December, Kuvadia said. Prices could stabilise at current levels, he added. Kuvadia also said that the government will take any decision on the revision of the minimum selling price only after the release of the production figures by the end of January. 

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

-Up INR 30-INR 40 at INR 3,720-INR 3,705 per 100 kg in western Uttar Pradesh

-Up INR 30-INR 40 at INR 3,710-INR 3,930 per 100 kg in central Uttar Pradesh

-Flat at INR 3,520-INR 3,580 per 100 kg in Kolhapur, Maharashtra

-Flat at INR 3,672-INR 3,852 per 100 kg in Mumbai, Maharashtra

At 1723 IST, the price of sugar on the Intercontinental Exchange was down 1.3% at 19.44 cents per pound. Thailand's Office of the Cane and Sugar Board in October projected that the country's 2024-25 sugar production would jump 18% on year to 10.35 million tonnes. The outlook for higher sugar production in Thailand is bearish for global sugar prices.  End

US$1 = INR 85.85

Edited by Tanima Banerjee

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