ChiniMandi, Mumbai: 22nd Aug 2024
Domestic Market
Domestic sugar prices are stable and weak
Domestic sugar prices were reported to be stable or weak in the major markets. Prices fell by Rs 5 per quintal in Muzaffarnagar but remained stable in Kolhapur. According to local sources, demand is extremely low despite the limited supply, as the monthly quota was lower than expected, resulting in stable prices.
The price range for S-grade sugar in Muzaffarnagar was Rs 3,845-3,905 per quintal, whereas in Kolhapur it was Rs 3,620-3,660. Agrimandi expects S-grade sugar prices in the Kolhapur market to range between Rs 3,600 and Rs 3,750 per quintal in the next two weeks.
Ex-mill Sugar Prices as on Aug, 22 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3620 |
₹3660 to 3700 |
|
Karnataka |
₹3700 to 3800 |
– |
|
Uttar Pradesh |
|
₹3845 to 3905 |
|
Gujarat |
₹3601 to 3631 |
₹3685 to 3731 |
|
Tamil Nadu |
₹3815 to 4025 |
₹3975 to 4125 |
|
Madhya Pradesh |
₹3730 to 3770 |
₹3820 to 3860 |
|
Punjab |
₹4000 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Aug, 22 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,105.50 |
|
Kanpur |
M/30 |
₹4,053.00 |
|
Kolhapur |
M/30 |
₹3,895.50 |
|
Kolkata |
M/30 |
₹4,158.00 |
|
Muzaffarnagar |
M/30 |
₹4,053.00 |
|
Ahmedabad |
M/30 |
₹4,005.75 |
|
Banglore |
M/30 |
₹4,042.50 |
|
Chennai |
M/30 |
₹4,179.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $510.40 ton, whereas the New York Sugar #11 front month contract is trading at 17.88 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.949 whereas USD was trading with BRL at 5.4716, Crude futures traded at ₹6083, Crude WTI traded at $72.33 barrel. Sensex closed 147.89 points higher at 81053.19 whereas Nifty closed 41.30 points higher at 24811.50
News Round-Up
Sri Lanka’s state sugar firms stuck with large stock of unsold ethanol
Government releases draft Sugar (Control) Order 2024, seeks comments/suggestions by September 23
