ChiniMandi, Mumbai: 10th Feb 2025
Domestic Market
Domestic sugar prices were weak
After a sharp increase, domestic sugar prices in major markets appear to be weak overall. Prices have dropped by Rs 20-30 per quintal, with Karnataka and Maharashtra down by Rs 20 and Uttar Pradesh down by Rs 30.
Sugar exports average between Rs 42,000 and Rs 44,000 per MT, while low-quality whites can fetch up to $475 per MT. Although domestic prices are gradually rising, the weakening INR maintains export parity. There have been rumors that some export contracts were signed at Rs 46,000 per MT.
S-grade sugar in Kolhapur ranges between Rs 3,750 and 3,810 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 4,060 and 4,120. Prices are expected to remain high in the coming days.
Ex-mill Sugar Prices as on Feb, 10 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3720 to 3740 |
₹3820 to 3885 |
|
South Karnataka |
₹3890 to 3925 |
₹3940 to 3975 |
|
Uttar Pradesh |
|
₹4070 to 4130 |
|
Gujarat |
₹3801 |
₹3901 |
|
Tamil Nadu |
₹3925 to 4050 |
₹3985 to 4125 |
|
Madhya Pradesh |
₹3990 to 4010 |
₹4030 to 4050 |
|
Punjab |
₹4150 to 4201 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Feb, 10 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,357.50 |
|
Kanpur |
M/30 |
₹4,320.75 |
|
Kolhapur |
M/30 |
₹4,074.00 |
|
Kolkata |
M/30 |
₹4,431.00 |
|
Muzaffarnagar |
M/30 |
₹4,315.50 |
|
Ahmedabad |
M/30 |
₹4,242.00 |
|
Bangaluru |
M/30 |
₹4,242.00 |
|
Chennai |
M/30 |
₹4,378.50 |
At the time of writing this update London White Sugar #5 front month contract is trading at $522.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.61 c/lb. The corn futures market trades at 486-2 and the ethanol Chicago trades at 1.68214s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 87.484 whereas USD was trading with BRL at 5.7551 Crude WTI traded at $71.87 barrel. Sensex closed 548.39 points down at 77,311.80 whereas Nifty closed 178.35 points lower at 23,381.60
News Round-Up
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