Informist, Friday, Nov 3, 2023

By Taniva Singha Roy

MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh fell for the fifth straight day today as demand, which had picked up due to Diwali, is fading. In Maharashtra, prices remained flat for the third consecutive day as demand and supply remained balanced, said traders.

The price of the sweetener was reduced by another 10 to 15 rupees per 100 kg today by mills in Uttar Pradesh. The fall in prices can be attributed to the decrease in festival demand, as manufacturers and stockists have already purchased the required quantity, said Naresh Gupta, a local trader from Uttar Pradesh.

Moreover, with the new production starting, the supply of good quality sugar has begun to increase in the market, hence concerns about the unavailability of good quality decreased, he added.

Gupta added that this declining trend in prices is likely to continue for the next few days.

In Maharashtra, the price of sugar remained steady again today as demand and supply were stable, said Mukesh Kuvadia, the secretary of the Bombay Sugar Merchants Association.

There is not much movement in the market as the availability of sugar in Maharashtra is at par with its demand. Owing to the same, the prices are likely to remain stable in the coming days too, Kuvadia added. 

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

-Flat at 3,876-3,990 rupees per 100 kg in Mumbai

-Flat at 3,730-3,805 rupees per 100 kg in Kolhapur

-Down by 10 to 15 rupees at 3,860-3,970 rupees per 100 kg in Muzaffarnagar

-Down by 10 to 15 rupees at 3,860-4,000 rupees per 100 kg in Kanpur

On the Intercontinental Exchange, the March sugar contract was at 27.52 cents a pound, up 0.2% from the previous close. 

Prices rose today as the dollar slumped against a basket of major currencies. A weaker dollar makes commodities priced in the greenback cheaper for overseas buyers, lifting demand for the commodity.  End

US$1 = 83.28 rupees

Edited by Maheswaran Parameswaran

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