ChiniMandi, Mumbai: 8th July 2024
Domestic Market
Sugar prices continue to trade lower
Domestic sugar prices fell by another Rs 5-10 per quintal across the centers. Prices fell as higher stocks weighed on an already sluggish market. Furthermore, favorable rainfall activity was reported, which would put upward pressure on sugar prices as crop conditions improved in South India and Maharashtra.
The price range for S-grade sugar in Kolhapur is Rs 3,540-3,570 per quintal, while M-grade sugar in Muzaffarnagar is Rs 3,770-3,790. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall in the next two weeks to a range of Rs 3,520 to Rs 3,660 per quintal.
Ex-mill Sugar Prices as on July, 08 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3550 to 3590 |
₹3630 to 3670 |
|
Karnataka |
₹3740 to 3750 |
– |
|
Uttar Pradesh |
|
₹3770 to 3790 |
|
Gujarat |
₹3570 to 3691 |
₹3660 to 3691 |
|
Tamil Nadu |
₹3785 to 3900 |
₹3845 to 4000 |
|
Madhya Pradesh |
₹3710 to 3730 |
₹3780 to 3830 |
|
Punjab |
₹3920 to 3980 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 08 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,011.00 |
|
Kanpur |
M/30 |
₹3,969.00 |
|
Kolhapur |
M/30 |
₹3,832.50 |
|
Kolkata |
M/30 |
₹4,042.50 |
|
Muzaffarnagar |
M/30 |
₹3,969.00 |
|
Ahmedabad |
M/30 |
₹3,927.00 |
|
Banglore |
M/30 |
₹3,916.50 |
|
Chennai |
M/30 |
₹4,032.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $571.30 ton, whereas the New York Sugar #11 front month contract is trading at 20.23 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.488 whereas USD was trading with BRL at 5.4784, Crude futures traded at ₹6890, Crude WTI traded at $82.69 barrel. Sensex closed 36.22 points lower at 79960.38 whereas Nifty closed 3.30 points lower at 24320.55
News Round-Up
Sugarcane sowing reaches 56.88 lakh hectares till July 8, up from previous year
Sugarcane sowing reaches 56.88 lakh hectares till July 8, up from previous year
Sugar industry needs diversified product portfolio and revenue streams for sustainability
Sugar industry needs diversified product portfolio and revenue streams for sustainability
World Sugar Market – Weekly Comment – Episode 141
