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Informist, Monday, Jan. 13, 2025

By Taniva Singha Roy

MUMBAI - Ex-mill prices of sugar in the key markets of Uttar Pradesh rose Monday as mills were not in a hurry to cut prices to meet the sales quota as yet, said traders. Prices of the sweetener also rose in Maharashtra on firm demand, they said.

Mills in western Uttar Pradesh raised prices by INR 15-20 per 100 kg as there is no pressure as yet to meet the sales quota, said Naresh Gupta, a trader from north India. Besides, prices had fallen significantly last month and mills aim to get prices to the earlier higher levels, they said. Prices in the resale market also rose Monday by INR 10 per 100 kg, Gupta said.

Prices are likely to rise further as, during the second half of the month, the weather will start getting warmer and there will be demand from bulk consumers of sugar such as ice-cream and soft-drink manufacturers. In addition, the wedding season will start in the second half of January, which will also support sugar prices, Gupta said.

Mills in Maharashtra raised prices by INR 5-10 per 100 kg, as there was firm 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, Kuvadia said. He said the government is likely to decide on revision of the minimum selling price only after the release of production figures by the end of January.

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

-Up INR 15-INR 20 at INR 3,750-INR 3,845 per 100 kg in western Uttar Pradesh

-Up INR 15-INR 20 at INR 3,740-INR 3,970 per 100 kg in central Uttar Pradesh

-UP INR 5-INR 10 at INR 3,525-INR 3,590 per 100 kg in Kolhapur, Maharashtra

-Up INR 5-INR 10 at INR 3,677-INR 3,862 per 100 kg in Mumbai, Maharashtra

At 1922 IST, the price of sugar on the Intercontinental Exchange was down 1.3% at 18.98 cents per pound. Thailand's Office of the Cane and Sugar Board in October had 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 86.57

Edited by Rajeev Pai

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