ChiniMandi, Mumbai: 9th Dec 2024
Domestic Market
Domestic sugar prices were stable to higher
After a drastic fall, domestic sugar prices in major markets were reported to be stable to higher. Prices in Uttar Pradesh were recovered by Rs 10 per quintal while other centres witnessed a steady sentiment. Prices have dropped by Rs 200-250 per quintal from their recent peak, primarily due to a lack of demand due to ongoing crushing activity. Demand remains weak despite the price fall, with buyers remaining need-based since the start of crushing activity across the states. Almost all mills are operational in Karnataka and Uttar Pradesh, and over 150 have begun crushing operations in Maharashtra, which should keep prices in check. Due to limited cane availability in Maharashtra, it is likely that fewer mills will operate this season.
S-grade sugar in Kolhapur costs Rs 3,340-3,390 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,670-3,710. Agrimandi.live predicts that the price of Kolhapur S-grade sugar will range from Rs 3,320 to Rs 3,450 per quintal in the near future.
At the time of writing this update London White Sugar #5 front month contract is trading at $526.80 ton, whereas the New York Sugar #11 front month contract is trading at 21.83c/lb. The corn futures market trades at 432-0 and the ethanol Chicago trades at 1.62655s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.894 whereas USD was trading with BRL at 6.0287, Crude WTI traded at $68.11 barrel. Sensex closed 200.66 points down at 81,508.46 whereas Nifty closed 58.80 points lower at 24,619.00
Ex-mill Sugar Prices as on Dec, 09 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3330 to 3370 |
₹3420 to 3450 |
|
South Karnataka |
₹3450 to 3510 |
₹3530 to 3550 |
|
Uttar Pradesh |
|
₹3660 to 3710 |
|
Gujarat |
₹3431 to 3485 |
₹3531 to 3601 |
|
Tamil Nadu |
₹3575 to 3700 |
₹3635 to 3775 |
|
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, 09 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,916.50 |
|
Kanpur |
M/30 |
₹3,874.50 |
|
Kolhapur |
M/30 |
₹3,633.00 |
|
Kolkata |
M/30 |
₹3,927.00 |
|
Muzaffarnagar |
M/30 |
₹3,874.50 |
|
Ahmedabad |
M/30 |
₹3,769.50 |
|
Banglore |
M/30 |
₹3,822.00 |
|
Chennai |
M/30 |
₹3,937.50 |
News Round-Up
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