Informist, Tuesday, Jan 9, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in key markets of Uttar Pradesh and Maharashtra remained steady as demand and supply were stable, said traders.
Prices in the resale market, however, were reduced by 5–10 rupees per 100 kg owing to selling pressure as traders are sitting on large stocks, said Naresh Gupta, a trader from North India. Demand for the sweetener is usually low in winter, he said, and is only likely to pick up mid-January with festivals such as Makar Sankranti, he added.
Additionally, sugarcane harvesting has fallen this month as the second-stage crop in Western Uttar Pradesh has not developed owing to the extreme cold, due to which sugar production is also less, said Arun Khandelwal, a trader from Uttar Pradesh. However, lower production has not supported prices as demand was also down, he said.
In Maharashtra, the price of the sweetener was steady as demand and supply were balanced, said Seemal Sudhir Jain, secretary of the Kolhapur Karad Sangli Sugar Merchants Association. The price is likely to remain steady this week and rates may rebound next week, he added.
The following are the highlights of the sugar trade in the domestic market today:
-Flat at 3,550-3,570 rupees per 100 kg in Kolhapur
-Flat at 3,550 rupees per 100 kg in Pune
-Flat at 3,700-3,825 rupees per 100 kg in Muzaffarnagar
-Flat at 3,725-3,850 rupees per 100 kg in Kanpur
The most-active March sugar contract on the Intercontinental Exchange was at 21.71 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 production in Brazil weighed on global sugar prices. End
US$1 = 83.12 rupees
Edited by Rajeev Pai
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