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Informist, Friday, Jan. 10, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose as there was demand even at elevated price levels, traders said. Mills in Maharashtra kept prices steady as demand and supply were on par, they said.

Mills across Uttar Pradesh increased prices by INR 15-INR 20 per 100 kg as demand improved even at elevated levels and 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.

Market rumours about a revision in the minimum selling price of sugar 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 demand was limited and supply was according to the demand, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. There is no selling pressure on mills at the moment, so rates are likely to remain at the current levels, even if demand is not brisk, Kuvadia said. He said the government is likely to decide 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 15-INR 20 at INR 3,735-INR 3,725 per 100 kg in western Uttar Pradesh

-Up INR 15-INR 20 at INR 3,725-INR 3,950 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 1604 IST, the price of sugar on the Intercontinental Exchange was up 1.3% at 19.44 cents per pound, tracking gains in crude oil prices on the New York Mercantile Exchange. Higher crude oil prices encourage the diversion of sugarcane towards the production of ethanol, leading to a fall in sugar supplies.  End

US$1 = INR 85.96

Edited by Saji George Titus

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