ChiniMandi, Mumbai: 17th Oct 2024
Domestic Market
Weak sentiment witnessed in domestic sugar prices
Domestic sugar prices demonstrated a downward trend across markets, with a reported decrease of Rs 10 per quintal in major markets. Despite the recent price decline, demand continues to be weak, as buyers employ a hand-to-mouth purchasing strategy.
Crushing operations in North Karnataka are expected to experience delays as a result of current rainfall activity. In Uttar Pradesh, operations are expected to start after Diwali, while in Maharashtra, crushing is projected to begin after the state elections. State elections are scheduled for November 20th in the state.
The price of M-grade sugar in Muzaffarnagar ranges from Rs 3,870 to Rs 3,920 per quintal, while S-grade sugar in Kolhapur is priced between Rs 3,550 and Rs 3,620. Agrimandi.live predicts that S-grade sugar prices in Kolhapur will range from Rs 3,500 to Rs 3,650 per quintal in the near future.
Ex-mill Sugar Prices as on Oct, 17 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3600 |
₹3640 to 3680 |
|
South Karnataka |
₹3680 to 3775 |
₹3700 to 3825 |
|
Uttar Pradesh |
|
₹3870 to 3920 |
|
Gujarat |
₹3601 to 3651 |
₹3675 to 3775 |
|
Tamil Nadu |
₹3825 to 3950 |
₹3925 to 4050 |
|
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 Oct, 17 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,105.50 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,189.50 |
|
Muzaffarnagar |
M/30 |
₹4,105.50 |
|
Ahmedabad |
M/30 |
₹4,011.00 |
|
Banglore |
M/30 |
₹4,053.00 |
|
Chennai |
M/30 |
₹4,168.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $566.80 ton, whereas the New York Sugar #11 front month contract is trading at 22.08 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.049 whereas USD was trading with BRL at 5.6843, Crude futures traded at ₹5925, Crude WTI traded at $70.49 barrel. Sensex closed 494.75 points lower at 81006.61 whereas Nifty closed 221.45 points lower at 24749.85
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