ChiniMandi, Mumbai: 15th Jan 2025
Domestic Market
Domestic sugar prices continue to rise
Domestic sugar prices in major markets have continued to rise due to strong demand and rumors of increased MSP and potential export permission for 1.0 MMT. According to market sources, demand is strong, and prices have remained at a one-and-a-half-month high. Prices rose by Rs 10-20 per quintal.
There have been strong rumours since yesterday that the Indian government may allow exports of 1.0 MMT, but the export parity has dropped dramatically as global sugar prices have continued to fall. Raws are in disparity, whereas LQWs will be in parity until $445/450 per MT for West Maharashtra and North Karnataka mills.
According to NFCSF, sugar production as of January 15th is 13.06 MMT, down 13.7% year on year due to lower cane crush and slower recovery. Cane crushing was reported at 148.2 MMT, down 3.3% year on year. Sugar recovery is reported at 8.82%, compared to 9.42% last season. Around 507 mills are operational, compared to 524 last year.
Meanwhile, NFCSF lowered sugar production to 27.0 MMT from earlier estimates of 28.0 MMT.
S-grade sugar in Kolhapur costs Rs 3,450 to 3,490 per quintal, while M-grade sugar in Muzaffarnagar costs Rs 3,870 to 3,930. Agrimandi.live predicts that the price of Kolhapur S-grade sugar will fall between Rs 3,380 and Rs 3,500 per quintal in the near future. If sugar MSP increases, the range may shift accordingly.
Ex-mill Sugar Prices as on Jan, 15 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3465 to 3535 |
₹3535 to 3635 |
|
South Karnataka |
₹3650 to 3675 |
₹3680 to 3725 |
|
Uttar Pradesh |
|
₹3870 to 3930 |
|
Gujarat |
₹3631 to 3651 |
₹3731 to 3751 |
|
Tamil Nadu |
₹3750 to 3900 |
₹3850 to 3975 |
|
Madhya Pradesh |
₹3670 to 3720 |
₹3750 to 3845 |
|
Punjab |
₹3960 to 4031 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Jan, 15 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,137.00 |
|
Kanpur |
M/30 |
₹4,100.25 |
|
Kolhapur |
M/30 |
₹3,759.00 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,095.00 |
|
Ahmedabad |
M/30 |
₹3,927.00 |
|
Bangaluru |
M/30 |
₹3,979.50 |
|
Chennai |
M/30 |
₹4,137.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $482.80 ton, whereas the New York Sugar #11 front month contract is trading at 18.40 c/lb. The corn futures market trades at 476-6 and the ethanol Chicago trades at 1.67500s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 86.363 whereas USD was trading with BRL at 6.0665, Crude WTI traded at $76.55 barrel. Sensex closed 224.45 points up at 76,724.08 whereas Nifty closed 37.15 points higher at 23,213.20
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