ChiniMandi, Mumbai: 04th Feb 2025
Domestic Market
Domestic sugar prices were stable to higher
After a sharp increase on Saturday, domestic sugar prices in major markets are reported to be stable to higher. Prices in North India were reported stable while in Maharashtra and Karnataka were reported higher by Rs 30 per quintal. Expected lower production, combined with export permission for 1.0 MMT, is supporting spot market prices. Sugar for exports is traded between Rs 42,000 and Rs 44,000 per MT, and exports for low-quality whites will be in parity till $470 per MT.
As the season progresses, sugar mills have started to end their sugarcane crushing operations. As of January 31st, Indian sugar production was reported at 16.53 MMT, compared to 18.75 MMT the previous year. Lower cane availability caused the mills to close earlier this season. In addition, the recovery rate is reported to be lower than normal, resulting in lower overall production.
S-grade sugar in Kolhapur costs between Rs 3,720 and 3,780 per quintal, while M-grade sugar in Muzaffarnagar ranges from Rs 4,070 to 4,130.
Ex-mill Sugar Prices as on Feb, 4 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3760 to 3780 |
₹3860 to 3925 |
|
South Karnataka |
₹3850 to 3925 |
₹3950 to 3975 |
|
Uttar Pradesh |
|
₹4070 to 4130 |
|
Gujarat |
₹3861 |
₹3961 |
|
Tamil Nadu |
₹3975 to 4100 |
₹3935 to 4175 |
|
Madhya Pradesh |
₹3900 to 3920 |
₹3950 to 3970 |
|
Punjab |
₹4190 to 4200 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Feb, 4 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,357.50 |
|
Kanpur |
M/30 |
₹4,326.00 |
|
Kolhapur |
M/30 |
₹4,042.50 |
|
Kolkata |
M/30 |
₹4,441.50 |
|
Muzaffarnagar |
M/30 |
₹4,326.00 |
|
Ahmedabad |
M/30 |
₹4,210.50 |
|
Bengaluru |
M/30 |
₹4,231.50 |
|
Chennai |
M/30 |
₹4,389.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $535.50 ton, whereas the New York Sugar #11 front month contract is trading at 19.47 c/lb. The corn futures market trades at 489-2 and the ethanol Chicago trades at 1.68214s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 87.098whereas USD was trading with BRL at 5.8681 Crude WTI traded at $71.64 barrel. Sensex closed 1,397.07 points up at 78,583.81 whereas Nifty closed 378.20 points higher at 23,739.25
News Round-Up
Praj Industries announces leadership transition: Ashish Gaikwad appointed as Managing Director-Designate
Maharashtra government faces opposition over cuts to funding for sugar in midday meals
Maharashtra government faces opposition over cuts to funding for sugar in midday meals
TCS on sale of specified goods to be omitted from April 2025
TCS on sale of specified goods to be omitted from April 2025
