Daily Sugar Market Update By Vizzie – 05/08/2024

ChiniMandi, Mumbai: 5th Aug 2024

Domestic Market

Domestic sugar prices reported to be stable

Domestic sugar prices in major markets were said to be stable. At higher price points, demand is deemed average. Furthermore, falling global prices, which are increasing Indian sugar disparity in global markets, and higher sugar stocks with mills are expected to keep prices under control. However, if the food ministry doesn’t allocate additional quotas, we may see another sharp rise in the coming days.

In Kolhapur, the price range for S-grade sugar was Rs 3,670 to 3,710 per quintal, while in Muzaffarnagar it was Rs 3,950 to 4,000. Agrimandi anticipates that the price of S grade sugar in the Kolhapur market will range between Rs 3,600 and Rs 3,750 per quintal over the next two weeks.

Ex-mill Sugar Prices as on  Aug, 05 2024 :

Destination-wise Spot Prices as on  Aug, 05 2024 :

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $511.70 ton, whereas the New York Sugar #11 front month contract is trading at 17.90 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 84.157 whereas USD was trading with BRL at 5.8015, Crude futures traded at ₹6106, Crude WTI traded at $72.34 barrel. Sensex closed 2222.55 points lower at 78759.40 whereas Nifty closed 662.10 points lower at 24055.60

News Round-Up

Customers should be encouraged to buy cars using strong hybrid technology, or CNG or ethanol and biogas: Maruti Suzuki Chairman

Customers should be encouraged to buy cars using strong hybrid technology, or CNG or ethanol and biogas: Maruti Suzuki Chairman

Bihar: Issue of 20 closed sugar mills raised again

SBI report cautions food price rise over possible crop loss due to excess rains