ChiniMandi, Mumbai: 27th Sep 2024
Domestic Market
Domestic sugar prices surged on lower quota
Since the quota was less than market expectations, domestic sugar prices surged in the main markets. The Food Ministry has published a lower quota of 25.5 LMT for October, 3.5 LMT below the year before. The market was under the impression of a higher quota but turned out to be less as many celebrations were scheduled for this month, which drove a rally in Uttar Pradesh. While Maharashtra markets reported Rs 10-15 per quintal, Uttar Pradesh traded higher by Rs 100-120 per quintal.
Still, the monthly quota exceeded that of September by 200 KMT. Considering that the temperatures are below normal, which could restrict the price increase. Moreover, since crushing is set to begin next month, prices should remain under pressure.
M-grade sugar in Muzaffarnagar runs between Rs 3,910 and Rs 3,260 per quintal; S-grade sugar in Kolhapur runs between Rs 3,585 and Rs 3,650. Agrimandi projects that S-grade sugar prices in Kolhapur will drop in the next few days to lie between Rs 3,500 and Rs 3,650 per quintal.
Ex-mill Sugar Prices as on Sep, 27 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3610 |
₹3660 to 3690 |
|
Karnataka |
₹3740 to 3800 |
₹3765 to 3850 |
|
Uttar Pradesh |
|
₹3910 to 3960 |
|
Gujarat |
₹3600 to 3630 |
₹3700 to 3750 |
|
Tamil Nadu |
₹3875 to 3930 |
₹3975 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3820 |
|
Punjab |
₹3950 to 4040 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Sep, 27 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,189.50 |
|
Kanpur |
M/30 |
₹4,147.50 |
|
Kolhapur |
M/30 |
₹3,890.25 |
|
Kolkata |
M/30 |
₹4,231.50 |
|
Muzaffarnagar |
M/30 |
₹4,142.25 |
|
Ahmedabad |
M/30 |
₹4,042.50 |
|
Banglore |
M/30 |
₹4,063.50 |
|
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 $579.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.77 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.664 whereas USD was trading with BRL at 5.4529, Crude futures traded at ₹, Crude WTI traded at $67.75 barrel. Sensex closed 264.27 points lower at 82571.85 whereas Nifty closed 37.10 points lower at 26178.95
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