ChiniMandi, Mumbai: 10th Sep 2024
Domestic Market
Domestic sugar prices remain steady to weak.
Domestic sugar prices in Uttar Pradesh continued to fall due to weak demand. Prices in Uttar Pradesh were reported to be Rs 10 lower per quintal, while Kolhapur remained stable. Although prices have fallen over the last month, buyers are hesitant to purchase because crushing is expected to begin within the next month or two. Furthermore, crop conditions are reported to be favorable, which is weighing on prices.
M-grade sugar costs between Rs 3,750 and Rs 3,790 per quintal in Muzaffarnagar, whereas S-grade costs between Rs 3,585 and Rs 3,635 in Kolhapur. Agrimandi expects S-grade sugar prices in Kolhapur to fall between Rs 3,530 and Rs 3,660 per quintal in the coming days.
Ex-mill Sugar Prices as on Sep, 10 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3570 to 3600 |
₹3650 to 3680 |
|
Karnataka |
₹3720 to 3800 |
₹3750 to 3850 |
|
Uttar Pradesh |
|
₹3750 to 3790 |
|
Gujarat |
₹3600 to 3630 |
₹3680 to 3730 |
|
Tamil Nadu |
₹3825 to 4000 |
₹3950 to 4100 |
|
Madhya Pradesh |
₹3730 to 3770 |
₹3975 |
|
Punjab |
₹4000 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Sep, 10 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,063.50 |
|
Muzaffarnagar |
M/30 |
₹3,948.00 |
|
Ahmedabad |
M/30 |
₹3,974.25 |
|
Banglore |
M/30 |
₹4,011.00 |
|
Chennai |
M/30 |
₹4,137.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $522.70 ton, whereas the New York Sugar #11 front month contract is trading at 18.62 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.980 whereas USD was trading with BRL at 5.5851, Crude futures traded at ₹5704, Crude WTI traded at $67.80 barrel. Sensex closed 361.75 points higher at 81921.29 whereas Nifty closed 104.70 points higher at 25041.10
News Round-Up
Net sugar production expected to reach 29.3 million MT in SY2025: ICRA
Net sugar production expected to reach 29.3 million MT in SY2025: ICRA
India’s ethanol policy and transformation of sugar industry
Gulshan Polyols awarded contract for supply of Rs. 42 crore worth of ethanol to OMCs
Gulshan Polyols awarded contract for supply of Rs. 42 crore worth of ethanol to OMCs
