Informist, Monday, Sep 4, 2023
By Afra Abubacker
MUMBAI – Ex-mill prices of sugar rose today in the key markets of Maharashtra and north India due to festival demand and prospects of Uttar Pradesh government raising sugarcane prices, said dealers.
“There is speculative buying in the market…there are talks that Uttar Pradesh government raising cane price by 20-25 rupees,” said Naresh Gupta, an Uttar Pradesh-based dealer.
According to a CNBC report today, the Uttar Pradesh government is likely to increase state advised price of sugarcane by 25 rupees for sugar season 2023-24 (Sep-Oct).
Currently, the state advised price for good quality cane stands at 350 rupees per 100 kg. Average quality fetches 340 rupees and poor quality gets 335 rupees per 100 kg. The state advised price is announced by the governments of key sugarcane growing states, while fair and remunerative price is set by the Centre.
Both prices are paid by sugar mills to farmers on sugarcane purchases. On Jun 28, the fair and remunerative price of sugarcane was raised by 10 rupees to 315 rupees per 100 kg for the sugar season 2023-24.
“Market is bullish after reports of 20 rupees hike (likely) by Uttar Pradesh government,” said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association.
“Next year being election year, certainly the government will raise cane prices and that means increased production cost for sugar mills,” said Gupta.
Following are highlights of the sugar trade in the domestic market today:
–Up 30-40 rupees at 3,862-3,942 rupees per 100 kg in Mumbai
–Up 30-40 rupees at 3,780-3,876 rupees per 100 kg in Kolhapur
–Up 30-40 rupees at 3,765-3,805 rupees per 100 kg in Muzaffarnagar
–Up 30-40 rupees at 3,790-3,850 rupees per 100 kg, in Kanpur
Prices of the October sugar contract on the Intercontinental Exchange was unavailable today as the market was shut today on account of Labor Day. End
Edited by Maheswaran Parameswaran
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
