ChiniMandi, Mumbai: 6th Aug 2024
Domestic Market
Domestic sugar prices were weak
Domestic sugar prices in major markets were reported to be low due to weak demand. At higher price points, demand is thought to be sluggish, putting pressure on prices. Furthermore, falling global prices, which are widening the Indian sugar disparity in global markets, and higher sugar stocks with mills are expected to keep prices in check. Exports are disparate without subsidies, and the government may not consider providing subsidies because it is prioritizing ethanol production. However, if the food ministry does not allocate additional quotas, we may see another significant increase in the coming days.
In Kolhapur, the price range for S-grade sugar was Rs 3,660 to 3,700 per quintal, while in Muzaffarnagar it was Rs 3,940-3,990. Agrimandi expects the price of S grade sugar in the Kolhapur market to range between Rs 3,600 and Rs 3,750 per quintal over the next two weeks.
Ex-mill Sugar Prices as on Aug, 06 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3630 to 3670 |
₹3710 to 3750 |
|
Karnataka |
₹3870 to 3875 |
– |
|
Uttar Pradesh |
|
₹3940 to 3990 |
|
Gujarat |
₹3675 to 3706 |
₹3775 to 3806 |
|
Tamil Nadu |
₹3900 to 4050 |
₹4050 to 4150 |
|
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 Aug, 06 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,205.25 |
|
Kanpur |
M/30 |
₹4,147.50 |
|
Kolhapur |
M/30 |
₹3,937.50 |
|
Kolkata |
M/30 |
₹4,242.00 |
|
Muzaffarnagar |
M/30 |
₹4,147.50 |
|
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 $511.90 ton, whereas the New York Sugar #11 front month contract is trading at 17.95 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.927 whereas USD was trading with BRL at 5.6728, Crude futures traded at ₹6095, Crude WTI traded at $72.44 barrel. Sensex closed 166.33 points lower at 78593.07 whereas Nifty closed 21.45 points lower at 24034.15
News Round-Up
Uttar Pradesh: Rajya Sabha MP urges govt to revive Nandganj sugar mill
Uttar Pradesh: Rajya Sabha MP urges govt to revive Nandganj sugar mill
Ethanol boost: Flex cars will be boon for farmers, says Nitin Gadkari
Ethanol boost: Flex cars will be boon for farmers, says Nitin Gadkari
