Domestic sugar prices continue to fall
Domestic sugar prices fell by an additional Rs 5-20 per quintal in Maharashtra and Uttar Pradesh markets as buyers remained inactive. The pressure to sell sugar before the Kawad Yatra is weighing on prices in Uttar Pradesh’s major markets. Furthermore, favorable rainfall activity was reported, which would limit the increase in sugar prices as crop conditions improved in South India and Maharashtra.
S-grade sugar in Kolhapur costs Rs 3,535-3,560 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,740-3,760. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall in the next two weeks to between Rs 3,520 and Rs 3,620 per quintal.
Ex-mill Sugar Prices as on July, 10 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3540 to 3580 |
₹3630 to 3680 |
|
Karnataka |
₹3740 to 3750 |
– |
|
Uttar Pradesh |
|
₹3740 to 3760 |
|
Gujarat |
₹3570 to 3591 |
₹3671 to 3691 |
|
Tamil Nadu |
₹3790 to 3900 |
₹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, 10 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,979.50 |
|
Kanpur |
M/30 |
₹3,937.50 |
|
Kolhapur |
M/30 |
₹3,827.25 |
|
Kolkata |
M/30 |
₹4,011.00 |
|
Muzaffarnagar |
M/30 |
₹3,937.50 |
|
Ahmedabad |
M/30 |
₹3,916.50 |
|
Banglore |
M/30 |
₹3,895.50 |
|
Chennai |
M/30 |
₹4,021.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $561.00, whereas the New York Sugar #11 front month contract is trading at 19.94 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.516 whereas USD was trading with BRL at 5.3798, Crude WTI traded at $81.12 barrel. Sensex closed 426.87 points lower at 79,924.77 whereas Nifty closed 108.75 points down at 24,324.45.
