Informist, Thursday, Jan 11, 2024

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra remained steady today, said traders.

In Uttar Pradesh, mills quoted the same prices as Wednesday, and there was little demand. The resale markets also kept the prices unchanged today, said Naresh Gupta, a local trader from North India.

Prices are likely to remain steady for the coming days until the release of the state-advised prices in Uttar Pradesh, Gupta said. With the release of the state-advised prices, rates are likely to increase, he added. Also, there is no selling pressure on mills since it is the beginning of the month, he added.

In Maharashtra, the price of the sweetener was steady and demand and supply were balanced, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.

Prices are likely to decrease in the coming days in the wholesale market as the cost of freight has fallen from earlier levels.

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

-Flat at 3,665-3,710 rupees per 100 kg in Kolhapur

-Flat at 3,790-3,922 rupees per 100 kg in Mumbai

-Flat at 3,700-3,830 rupees per 100 kg in Muzaffarnagar

-Flat at 3,725-3,870 rupees per 100 kg in Kanpur

The most active March sugar contract on the Intercontinental Exchange was at 21.4 cents per pound, down 0.1% from the previous close. 

Brazil's Center-South sugar output surged 205% on year in the first half of December and sugar output in the 2023-24 crop year through mid-December rose 25.2% on year to 41.7 mln tn, UNICA, a representative body of the Brazilian sugar industry, reported. Increased output in Brazil, the largest producer of sugar, weighed on global sugar prices.  End

US$1 = 83.02 rupees

Edited by Deepshikha Bhardwaj

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