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Informist, Wednesday, Jan. 15, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar rose in the key markets of Maharashtra and Uttar Pradesh on Wednesday as demand was firm, said traders. Prices are likely to rise in the coming days as mills are not in a hurry to meet the sales quota for the month, they said.

Mills in Maharashtra increased prices of the sweetener by INR 30 per 100 kg as firm was 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 be on the positive side in the coming days, said Semal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchants Association. Moreover, talk about a hike in the minimum selling price of sugar is likely to support prices, Jain said.

Kuvadia said the government is likely to decide on revising the minimum selling price only after the release of production figures by the end of January.

Mills in Maharashtra also raised prices by INR 5-INR 10 per 100 kg due to firm demand and as mills are not in a hurry to meet the monthly sales quota, said Naresh Gupta, a trader from north India. Prices have risen significantly in the last few days after the sales quota for January was released. Prices were also up in the resale market, Gupta said.

Prices are likely to rise further as the second half of the month will see warmer weather 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.

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

-Up INR 5-INR 10 at INR 3,750-INR 3,920 per 100 kg in western Uttar Pradesh

-Up INR 5-INR 10 at INR 3,770-INR 3,930 per 100 kg in central Uttar Pradesh

-UP INR 30 at INR 3,555-INR 3,620 per 100 kg in Kolhapur, Maharashtra

-Up INR 30 at INR 3,707-INR 3,892 per 100 kg in Mumbai, Maharashtra

At 2000 IST, the price of sugar on the Intercontinental Exchange was down 0.5% at 18.22 cents per pound. In October Thailand's Office of the Cane and Sugar Board had projected that the country's 2024-25 sugar production would jump 18% to 10.35 million tonnes. This would be bearish for global sugar prices.  End

US$1 = INR 86.36

Edited by Ashish Shirke

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