ChiniMandi, Mumbai: 24th July 2024
Domestic Market
Weak sentiment witnessed in domestic sugar prices
Following a sharp increase, domestic sugar prices were reported to be lower by Rs 10-15 per quintal across markets. According to sources, demand appears to be dull at higher price levels, which weighed on prices today. Prices in Uttar Pradesh fell by Rs 15 per quintal, while they fell by Rs 10 in Kolhapur.
Furthermore, the monthly quota for August is expected to be released within the next 3-4 days, with the quota expected to be announced at 25 lakh tons, 0.5 lakh tons lower than the same month last year. The higher quota given the dull demand on the back of good rainfall activity for the coming month is also weighing on the prices.
S-grade sugar prices in Kolhapur range from Rs 3,560 to 3,585 per quintal, while M-grade sugar in Muzaffarnagar costs Rs 3,815 to 3,845 per quintal. 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, 24 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3590 |
₹3640 to 3670 |
|
Karnataka |
₹3775 |
– |
|
Uttar Pradesh |
|
₹3815 to 3845 |
|
Gujarat |
₹3605 to 3626 |
₹3705 to 3726 |
|
Tamil Nadu |
₹3780 to 3950 |
₹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, 24 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,058.25 |
|
Kanpur |
M/30 |
₹4,011.00 |
|
Kolhapur |
M/30 |
₹3,843.00 |
|
Kolkata |
M/30 |
₹4,095.00 |
|
Muzaffarnagar |
M/30 |
₹4,011.00 |
|
Ahmedabad |
M/30 |
₹3,937.50 |
|
Banglore |
M/30 |
₹3,948.00 |
|
Chennai |
M/30 |
₹4,074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $529.70 ton, whereas the New York Sugar #11 front month contract is trading at 18.24 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.709 whereas USD was trading with BRL at 5.5865, Crude futures traded at ₹6532, Crude WTI traded at $77.91 barrel. Sensex closed 280.16 points lower at 80148.88 whereas Nifty closed 40.10 points lower at 24438.95
News Round-Up
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Allow sugar exports or allocate lower sugar quota to boost financial liquidity of mills: Industry
Allow sugar exports or allocate lower sugar quota to boost financial liquidity of mills: Industry
