ChiniMandi, Mumbai: 19th July 2024
Domestic Market
Steady sentiment continued in domestic sugar prices
Domestic sugar prices across the markets were reported to be stable for the second session. As most of the mills in Uttar Pradesh have sold the monthly quota aggressively from the beginning of the month, selling pressure is said to be less. In addition, there are rumours that Sugar MSP will be increased which is also supporting the prices.
S-grade sugar prices in Kolhapur range between Rs 3,560 and 3,585, while M-grade sugar in Muzaffarnagar trades for Rs 3,800 to 3,830. According to Agrimandi, S grade sugar in the Kolhapur market is expected to trade between Rs 3,520 and Rs 3,620 per quintal over the next two weeks.
Ex-mill Sugar Prices as on July, 19 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3540 to 3580 |
₹3640 to 3660 |
|
Karnataka |
₹3770 to 3800 |
– |
|
Uttar Pradesh |
|
₹3800 to 3830 |
|
Gujarat |
₹3615 to 3636 |
₹3715 to 3736 |
|
Tamil Nadu |
₹3790 to 3875 |
₹4000 |
|
Madhya Pradesh |
₹3670 to 3685 |
₹3745 to 3785 |
|
Punjab |
₹3840 to 3920 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 19 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,042.50 |
|
Kanpur |
M/30 |
₹4,000.50 |
|
Kolhapur |
M/30 |
₹3,848.25 |
|
Kolkata |
M/30 |
₹4,074.00 |
|
Muzaffarnagar |
M/30 |
₹4,000.50 |
|
Ahmedabad |
M/30 |
₹3,937.50 |
|
Banglore |
M/30 |
₹3,937.50 |
|
Chennai |
M/30 |
₹4,063.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $542.20 ton, whereas the New York Sugar #11 front month contract is trading at 18.82 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.664 whereas USD was trading with BRL at 5.5445, Crude futures traded at ₹6897, Crude WTI traded at $80.91 barrel. Sensex closed 738.81 points lower at 80604.65 whereas Nifty closed 269.95 points lower at 24530.90
News Round-Up
Farmers demonstrate for the announcement of SAP for sugarcane
Farmers demonstrate for the announcement of SAP for sugarcane
Sugar output in India is likely to dip to 30 mt in 2025 amid increased ethanol diversion.
Sugar output in India is likely to dip to 30 mt in 2025 amid increased ethanol diversion.
Too long a period for current food price shock to be termed as transitory, says RBI bulletin
Too long a period for current food price shock to be termed as transitory, says RBI bulletin
