ChiniMandi, Mumbai: 2nd Dec 2024
Domestic Market
Domestic sugar prices started to fall again
Domestic sugar prices in the major markets continued to trade lower at the start of the crushing season. Demand is said to be dull as buyers remain after crushing activity began across the states. Almost all mills are operational in Karnataka and Uttar Pradesh, and around 124 have begun crushing activity in Maharashtra, which should keep prices in check.
As per NFCSF, Indian mills have produced 2.79 MMT of sugar with 381 mills operational across the country compared to 4.32 MMT of last season with 433 mills operational. Sugar production in Uttar Pradesh, Maharashtra, and Karnataka is reported at 1.29 MMT, 0.46 MMT, and 0.7 MMT, respectively.
S-grade sugar in Kolhapur costs Rs 3,390-3,430 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,690-3,730. According to Agrimandi.live, Kolhapur S-grade sugar will be priced between Rs 3,360 and Rs 3,480 per quintal in the near future.
Ex-mill Sugar Prices as on Dec, 02 2024 :
| State | S/30
[Rates per Quintal] |
M/30
[Rates per Quintal] |
| Maharashtra | ₹3370 to 3420 | ₹3450 to 3500 |
| South Karnataka | ₹3530 to 3550 | ₹3560 to 3600 |
| Uttar Pradesh | ₹3690 to 3730 | |
| Gujarat | ₹3461 to 3505 | ₹3551 to 3621 |
| Tamil Nadu | ₹3625 to 3825 | ₹3685 to 3925 |
| Madhya Pradesh | ₹3700 to 3720 | ₹3750 to 3820 |
| Punjab | ₹3950 to 4050 | |
| (All the above rates are excluding GST) | ||
Destination-wise Spot Prices as on Dec, 02 2024 :
| City | Grade | Rate |
| Delhi | M/30 | ₹3,935.50 |
| Kanpur | M/30 | ₹3,895.50 |
| Kolhapur | M/30 | ₹3,685.50 |
| Kolkata | M/30 | ₹3,948.00 |
| Muzaffarnagar | M/30 | ₹3,895.50 |
| Ahmedabad | M/30 | ₹3,822.00 |
| Banglore | M/30 | ₹3,874.50 |
| Chennai | M/30 | ₹3,979.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $521.00 ton, whereas the New York Sugar #11 front month contract is trading at 21.18c/lb. The corn futures market trades at 421-2 and the ethanol Chicago trades at 1.62655s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.711 whereas USD was trading with BRL at 6.0529, Crude WTI traded at $68.82 barrel. Sensex closed 445.29 points up at 80,248.08 whereas Nifty closed 144.95 points higher at 24,276.05
News Round-Up
2024-25 season: 381 mills commence crushing operations in India; sugar production at 27.90 lakh tonnes
Godavari Biorefineries enters into license agreement for conversion of ethanol to biobutanol and other higher alcohols
