Informist, Monday, Feb 26, 2024
By Taniva Singha Roy
MUMBAI – Ex-mill prices of sugar in the key markets of Uttar Pradesh and Maharashtra remained flat today on muted demand, traders said.
In Uttar Pradesh, mill prices were the same as those on Friday as there was minimal buying at higher price levels, said Naresh Gupta, a north India-based trader. Mills in the state had raised rates by about 50 rupees per 100 kg the previous week as stocks in the pipeline with the resellers had dried up and demand was firm. Prices in the resale market, however, fell today by 10 to 15 rupees per 100 kg due to subdued demand at higher prices, Gupta said.
Prices are not likely to rise further, but could fall if mills come under pressure to offload the sales quota for February, as only three days are left for the month to end, said Gupta. The price level for March can only be determined after the release of the sales quota for next month, Gupta said.
In Maharashtra, prices remained steady as demand and supply were at par, said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. He said Prices will remain steady until the sales quota for next month is released. The sales quota will either be the same or even higher for next month as the government will try to ensure lower prices in the domestic market before the elections, Kuvadia said.
The following are the highlights of the sugar trade in the domestic market today:
-Flat at 3,776-3,782 rupees per 100 kg in Mumbai
-Flat at 3,515-3,570 rupees per 100 kg in Kolhapur
-Flat at 3,720-3,800 rupees per 100 kg in Muzaffarnagar
-Flat at 3,720-3,810 rupees per 100 kg in Kanpur
At 1600 IST, the most active May contract of sugar on the Intercontinental Exchange was up 0.7% from the previous close at 21.95 cents. Concerns about lower global sugar production aided prices as Thai Sugar Millers Corp projected Thailand’s 2023-24 sugar production would fall by 32% to a 17-year low of 7.5 mln tn due to a severe drought. The country is one of the top suppliers of sugar in the world. End
US$1 = 82.89 rupees
Edited by Saji George Titus
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