ChiniMandi, Mumbai: 2nd July 2024
Domestic Market
Sugar prices were stable to weak
Domestic sugar prices were reported to be stable to weak due to low demand from industrial users. Prices fell by Rs 20 per quintal in Uttar Pradesh, as millers are selling aggressively, which is weighing on the prices. Demand is said to be dull, and the monthly quota is said to be higher in light of the demand, putting pressure on prices. Furthermore, rainfall activity was reported to be favorable, putting pressure on sugar prices as crop conditions improve in Maharashtra and South India.
M-grade sugar in Muzaffarnagar is priced between Rs 3,810 and Rs 3,830 per quintal, while S-grade sugar in Kolhapur ranges between Rs 3,570 and Rs 3,610. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall between Rs 3,540 and Rs 3,660 per quintal in the next two weeks.
Ex-mill Sugar Prices as on July, 02 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3600 |
₹3660 to 3680 |
|
Karnataka |
₹3770 to 3775 |
– |
|
Uttar Pradesh |
|
₹3810 to 3830 |
|
Gujarat |
₹3580 to 3601 |
₹3680 to 3711 |
|
Tamil Nadu |
₹3815 to 3925 |
₹4000 |
|
Madhya Pradesh |
₹3720 to 3780 |
₹3750 to 3800 |
|
Punjab |
₹3975 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 02 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,053.00 |
|
Kanpur |
M/30 |
₹4,011.00 |
|
Kolhapur |
M/30 |
₹3,853.50 |
|
Kolkata |
M/30 |
₹4,074.00 |
|
Muzaffarnagar |
M/30 |
₹4,011.00 |
|
Ahmedabad |
M/30 |
₹3,963.75 |
|
Banglore |
M/30 |
₹3,948.00 |
|
Chennai |
M/30 |
₹4,074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $581.10 ton, whereas the New York Sugar #11 front month contract is trading at 20.03 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.484 whereas USD was trading with BRL at 5.6607, Crude futures traded at ₹7011, Crude WTI traded at $83.98 barrel. Sensex closed 34.74 points lower at 79441.45 whereas Nifty closed 18.10 points lower at 24123.85
News Round-Up
Monsoon covers entire India today, six days ahead of schedule: IMD
Monsoon covers entire India today, six days ahead of schedule: IMD
Green Hydrogen boost: Sugar factories can contribute significantly to India’s green energy transition
Heavy rain continues to lash Gujarat, causing road closures, flooding in cities
Heavy rain continues to lash Gujarat, causing road closures, flooding in cities
