ChiniMandi, Mumbai: 30th Aug 2024
Domestic Market
Domestic sugar prices were stable
Domestic sugar prices were reported to be stable in the major markets. Prices have decreased significantly since the beginning of the month, resulting in price stability. Demand was said to be good as prices are trading at a month low. Meanwhile, the government has issued a new notification allowing mills to begin producing ethanol from cane juice and b-heavy molasses at the start of the next season.
M-grade sugar is priced between Rs 3,830 and Rs 3,890 per quintal in Muzaffarnagar, while S-grade is ranging between Rs 3,610 to Rs 3,660 in Kolhapur. Agrimandi expects S-grade sugar prices in the Kolhapur market to range between Rs 3,600 and Rs 3,720 per quintal over the next two weeks.
Ex-mill Sugar Prices as on Aug, 30 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3585 to 3620 |
₹3665 to 3700 |
|
Karnataka |
₹3750 to 3825 |
₹3775 to 3875 |
|
Uttar Pradesh |
|
₹3830 to 3890 |
|
Gujarat |
₹3601 to 3631 |
₹3685 to 3731 |
|
Tamil Nadu |
₹3850 to 3900 |
₹3775 |
|
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, 30 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,032.00 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
Muzaffarnagar |
M/30 |
₹4,032.00 |
|
Ahmedabad |
M/30 |
₹3,995.25 |
|
Banglore |
M/30 |
₹4,032.00 |
|
Chennai |
M/30 |
₹4,163.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $553.70 ton, whereas the New York Sugar #11 front month contract is trading at 19.83 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.838 whereas USD was trading with BRL at 5.6048, Crude futures traded at ₹6383, Crude WTI traded at $76.00 barrel. Sensex closed 231.16 points higher at 82365.77 whereas Nifty closed 83.95 points higher at 25235.90
News Round-Up
Government deducts sugar quota of around 134 mills for violating stockholding limits
Government deducts sugar quota of around 134 mills for violating stockholding limits
International Sugar Organization sees global deficit of 3.580 million tonnes in 2024-25
International Sugar Organization sees global deficit of 3.580 million tonnes in 2024-25
