Informist, Friday, Oct 13, 2023
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar remained flat in the key markets of Uttar Pradesh today due to lack of fresh cues. Prices in Maharashtra rose with increasing demand ahead of key festivals, said dealers.
In the resale market of Uttar Pradesh, sugar prices fell by 10-15 rupees per 100 kg as traders booked profits from the previous day, said Naresh Gupta, a local trader.
In Maharashtra, prices increased 10-15 rupees per 100 kg from Thursday as sugar mills are raising prices by 5-10 rupees daily due to firm demand ahead of festivals, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
Mills have raised prices of the sweetener in the last few days in Maharashtra after the government set the second tranche of sugar sales quota for October at 1.5 mln tn, which is not sufficient to meet demand, said Mukesh Kuvadia.
Buyers such as stockists, manufacturers and confectioneries and other businesses are ready to buy the sweetener at higher quoted prices, he added.
The following are highlights of the sugar trade in the domestic market today:
-Up 10–15 rupees at 3,902-4,000 rupees per 100 kg in Mumbai
-Up 10–15 rupees at 3,750-3,810 rupees per 100 kg in Kolhapur
-Flat rupees at 3,820-3,920 rupees per 100 kg in Muzaffarnagar
-Flat rupees at 3,830-3,950 rupees per 100 kg in Kanpur
On the Intercontinental Exchange, the March sugar contract was at 26.57 cents per pound, up 0.8% from the previous close. The price of sugar rose, tracking gains in crude oil prices.
An increase in crude oil prices encourages diversion of sugarcane towards the production of ethanol and decreases the supply of sugar. Additionally, prices rose due to speculation that India may ban sugar exports for 2023-24 (Oct-Sep) and also due to fears of lower global production.
India is the second-largest producer of sugar in the world behind Brazil, and it is also a major player in the export market. End
US$1 = 83.26 rupees
Edited by Avishek Dutta
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