ChiniMandi, Mumbai: 5th July 2024
Domestic Market
Sugar prices continue to fall
Domestic sugar prices continued to fall, dropped by another Rs 10-20 per quintal across the centers. ISMA recently updated the sugar ending stocks totaling 9.1 MMT for the ending season, which is weighing on the prices. In addition, favorable rainfall activity was reported, which would put pressure on sugar prices as crop conditions improved in South India and Maharashtra.
The price range for S-grade sugar in Kolhapur is Rs 3,540-3,580 per quintal, whereas the price range for M-grade sugar in Muzaffarnagar is Rs 3,780-3,800 per quintal. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will decrease over the next two weeks, to a range of Rs 3,520 to Rs 3,660 per quintal.
Ex-mill Sugar Prices as on July, 05 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3590 |
₹3640 to 3670 |
|
Karnataka |
₹3770 to 3775 |
– |
|
Uttar Pradesh |
|
₹3800 to 3820 |
|
Gujarat |
₹3570 to 3691 |
₹3660 to 3691 |
|
Tamil Nadu |
₹3800 to 3925 |
₹3860 to 4000 |
|
Madhya Pradesh |
₹3710 to 3730 |
₹3780 to 3830 |
|
Punjab |
₹3940 to 3990 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 052024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,021.50 |
|
Kanpur |
M/30 |
₹3,979.50 |
|
Kolhapur |
M/30 |
₹3,837.75 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹3,979.50 |
|
Ahmedabad |
M/30 |
₹3,937.50 |
|
Banglore |
M/30 |
₹3,921.75 |
|
Chennai |
M/30 |
₹4,042.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $576.50 ton, whereas the New York Sugar #11 front month contract is trading at 20.30 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.496 whereas USD was trading with BRL at 5.5161, Crude futures traded at ₹7019, Crude WTI traded at $84.03 barrel. Sensex closed 53.07 points lower at 79996.60 whereas Nifty closed 21.70 points higher at 24323.85
News Round-Up
Praj signs MoU with Vasantdada Sugar Institute to establish Centre of Excellence in Bioeconomy-Farm to Fuel Approach
Ajit Pawar to meet Amit Shah to discuss ethanol issue
Good and timely monsoon rains provide big boost for kharif crops
Good and timely monsoon rains provide big boost for kharif crops
