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Informist, Friday, May 23, 2025

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh rose on Friday as demand picked up slightly after prices fell significantly during the previous few days, said a trader. In Maharashtra, prices were steady due to demand supply parity, they said.

Mills in Uttar Pradesh raised prices by INR 15 per 100 kg as demand picked up after mills cut prices during the past few days, said Naresh Gupta, a trader from north India. Demand picked up and mills were able to sell some stocks at these price levels, Gupta said.

The resale markets in Uttar Pradesh also raised prices by INR 10-INR 15 per 100 kg, said Gupta. Prices are likely to stabilise at the current levels, Gupta added.

Mills in Maharashtra kept prices steady owing to demand-supply parity, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. Millers now await the release of the sales quota for next month, depending on which prices will move, Kuvadia said. For the rest of the month, prices are likely to remain steady on lack of cues, he added.

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

--Up INR 15 at INR 3,875-INR 3,985 per 100 kg in western Uttar Pradesh

--Up INR 15 at INR 3,875-INR 3,985 per 100 kg in central Uttar Pradesh

--Flat at INR 3,840-INR 3,880 per 100 kg in Kolhapur, Maharashtra

--Flat at INR 4,012-INR 4,072 per 100 kg in Mumbai, Maharashtra

At 1821 IST, sugar prices on the Intercontinental Exchange fell 0.8% to 17.27 cents per pound, tracking a fall in crude oil prices on the New York Mercantile Exchange. Lower crude oil prices discourage diversion of sugarcane for the production of ethanol, leading to a rise in sugar supplies.  End

US$1 = INR 85.21

Edited by Deepshikha Bhardwaj

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