ChiniMandi, Mumbai: 03rd Feb 2025
Domestic Market
Domestic sugar prices were stable
After a sharp surge on Saturday, domestic sugar prices in major markets have been reported to be steady. Expected lower production coupled with export permission of 1.0 MMT is supporting the prices in the spot markets.
Around 14 mills are closed in Maharashtra, and 13 mills in Karnataka have closed operations. As of 31st January, Indian sugar production is reported at 16.53 MMT as against 18.75 MMT of the last year. Lower cane availability led to earlier closure of the mills in the current season. In addition to this, recovery rate is reported to be lower than normal which is keeping overall production lower.
S-grade sugar in Kolhapur is priced between Rs 3,700 and 3,740 per quintal, while M-grade sugar in Muzaffarnagar ranges from Rs 4,070 to 4,130.
Ex-mill Sugar Prices as on Feb, 3 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3770 to 3790 |
₹3870 to 3935 |
|
South Karnataka |
₹3880 to 3925 |
₹3930 to 3975 |
|
Uttar Pradesh |
|
₹4070 to 4130 |
|
Gujarat |
₹3861 |
₹3961 |
|
Tamil Nadu |
₹3950 to 4100 |
₹4035 to 4175 |
|
Madhya Pradesh |
₹3880 to 3890 |
₹3930 to 3950 |
|
Punjab |
₹4100 to 4151 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Feb, 3 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,357.50 |
|
Kanpur |
M/30 |
₹4,326.00 |
|
Kolhapur |
M/30 |
₹4,011.00 |
|
Kolkata |
M/30 |
₹4,420.50 |
|
Muzaffarnagar |
M/30 |
₹4,326.00 |
|
Ahmedabad |
M/30 |
₹4,168.50 |
|
Bangaluru |
M/30 |
₹4,210.50 |
|
Chennai |
M/30 |
₹4,368.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $511.50 ton, whereas the New York Sugar #11 front month contract is trading at 19.07 c/lb. The corn futures market trades at 475-4 and the ethanol Chicago trades at 1.68214s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 87.116 whereas USD was trading with BRL at 5.8295 Crude WTI traded at $74.41 barrel. Sensex closed 319.22 points down at 77,186.74 whereas Nifty closed 121.10 points higher at 23,361.05
News Round-Up
Maharashtra Deputy CM Ajit Pawar chairs review meeting on use of ‘AI’ in agriculture sector
Maharashtra Deputy CM Ajit Pawar chairs review meeting on use of ‘AI’ in agriculture sector
India’s sugar production set to dip by 12 per cent in 2025 season, forecast below 27 MMT: Centrum report
India Sustainable Aviation Fuel (SAF) Alliance to be launched on February 4
India Sustainable Aviation Fuel (SAF) Alliance to be launched on February 4
