Informist, Tuesday, Dec 5, 2023

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra fell today due to low demand from institutional buyers, traders said.

In central Uttar Pradesh, the downtrend in prices continued, and sugar mills reduced prices by 10–20 rupees per 100 kg due to poor demand, said Naresh Gupta, a trader from north India. In the resale markets of central Uttar Pradesh, prices fell by 5–10 rupees.

Prices were steady today in western Uttar Pradesh, Gupta said. Resellers are not stocking up on sugar due to lower prices, and buying only as per demand. Prices will fall further this week and stabilise after they hit a substantial low, he added.

Sugar prices in Maharashtra fell by 5–10 rupees per 100 kg due to subdued demand from manufacturers of soft drinks and ice cream, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. 

The following are the highlights of the sugar trade in the domestic market today:

-Down by 5 to 10 rupees per 100 kg at 3,730-3,775 rupees per 100 kg in Kolhapur

-Down by 5 to 10 rupees per 100 kg at 3,866-3,966 rupees per 100 kg in Mumbai

-Flat at 3,800-3,910 rupees per 100 kg in Muzaffarnagar

-Down by 10 to 20 rupees per 100 kg at 3,800-3,940 rupees per 100 kg in Kanpur

On the Intercontinental Exchange, the March sugar contract was at 25.77 cents a pound, down 0.2% from the previous close. Sugar prices fell on concerns over higher supply from Brazil in 2023-24. On Wednesday, Brazil's government agency CONAB raised its sugar production estimate for the country in 2023-24 to 46.9 mln tn from the estimate of 40.9 mln tn in August.  End

US$1 = 83.38 rupees

Edited by Avishek Dutta

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