ChiniMandi, Mumbai: 11th Sep 2024
Domestic Market
Weak sentiment persisted in domestic sugar prices.
Domestic sugar prices in Uttar Pradesh have continued to fall due to weak demand. Prices in Uttar Pradesh were reported to be Rs 15-20 lower per quintal, while Kolhapur reported weak sentiment after remaining stable for 2-3 sessions. Although prices have dropped in the last month and a half, buyers are hesitant to buy because crushing is expected to begin within the next month. Furthermore, crop conditions are reported to be favorable, which is putting pressure on prices.
M-grade sugar is priced between Rs 3,740 and Rs 3,770 per quintal in Muzaffarnagar, while S-grade sugar is priced between Rs 3,560 and Rs 3,620 in Kolhapur. Agrimandi anticipates S-grade sugar prices in Kolhapur falling between Rs 3,500 and Rs 3,650 per quintal in the coming days.
Ex-mill Sugar Prices as on Sep, 11 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 |
|
₹3730 to 3770 |
|
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, 11 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,979.50 |
|
Kanpur |
M/30 |
₹3,932.25 |
|
Kolhapur |
M/30 |
₹3,858.75 |
|
Kolkata |
M/30 |
₹4,042.50 |
|
Muzaffarnagar |
M/30 |
₹3,932.25 |
|
Ahmedabad |
M/30 |
₹3,969.00 |
|
Banglore |
M/30 |
₹4,000.50 |
|
Chennai |
M/30 |
₹4,126.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $529.00 ton, whereas the New York Sugar #11 front month contract is trading at 18.87 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.974 whereas USD was trading with BRL at 5.6112, Crude futures traded at ₹5632, Crude WTI traded at $67.03 barrel. Sensex closed 398.13 points lower at 81523.16 whereas Nifty closed 122.65 points lower at 24918.45
News Round-Up
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Adani Ports to develop multipurpose berth at Gujarat’s Kandla Port
