ChiniMandi, Mumbai: 29th July 2024
Domestic Market
Domestic sugar prices continue to surge on lower quota
Domestic sugar prices in the major markets soared as the quota was lower than market expectations. Prices in Uttar Pradesh increased by Rs 80-90 per quintal, while prices in Kolhapur rose by Rs 50-60 per quintal. The lower quota fuelled the rally in the spot markets.
Prices for S-grade sugar in Kolhapur ranged from Rs 3,660 to 3,700 per quintal, while M-grade sugar in Muzaffarnagar ranged from Rs 3,990 to 4,040. According to Agrimandi, S grade sugar in the Kolhapur market is expected to trade between Rs 3,600 and Rs 3,750 per quintal in the coming two weeks.
The monthly quota for August is reported to be 22 lakh tons, 3.5 lakh tons less than the same month last year and 2.0 lakh tons less than the month before. Furthermore, the validity of sugar sales under the monthly quota for July 2024 has been extended until August 15th, 2024. However, according to sources, there is not much sugar left from last month, which fueled the rally in spot markets. As prices rose, the food ministry may issue additional quotas.
Ex-mill Sugar Prices as on July, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3630 to 3660 |
₹3710 to 3740 |
|
Karnataka |
₹3850 |
– |
|
Uttar Pradesh |
|
₹3990 to 4040 |
|
Gujarat |
₹3675 to 3706 |
₹3775 to 3806 |
|
Tamil Nadu |
₹3875 to 3925 |
₹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, 29 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,242.00 |
|
Kanpur |
M/30 |
₹4,189.50 |
|
Kolhapur |
M/30 |
₹3,937.50 |
|
Kolkata |
M/30 |
₹4,284.00 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
|
Ahmedabad |
M/30 |
₹4,053.00 |
|
Banglore |
M/30 |
₹4,074.00 |
|
Chennai |
M/30 |
₹4,210.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $537.10 ton, whereas the New York Sugar #11 front month contract is trading at 18.95 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.738 whereas USD was trading with BRL at 5.6453, Crude futures traded at ₹6447, Crude WTI traded at $76.86 barrel. Sensex closed 23.12 points higher at 81355.84 whereas Nifty closed 7.60 points higher at 24842.45.
