ChiniMandi, Mumbai: 2nd Aug 2024
Domestic Market
Domestic sugar prices were stable to weak
Domestic sugar prices in major markets were reported to be stable or weak. Prices fell by Rs 10 per quintal in Uttar Pradesh but remained stable in Maharashtra. At higher price points, demand is considered average. Lower monthly quotas have caused prices in Uttar Pradesh and Maharashtra to rise by Rs 150-180 and Rs 100-120 per quintal, respectively, over the last week.
In Kolhapur, the price range for S-grade sugar was Rs 3,670 to 3,710 per quintal, while in Muzaffarnagar, the price range was Rs 3,960 to 4,010. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will range between Rs 3,600 and Rs 3,750 per quintal over the next two weeks.
Ex-mill Sugar Prices as on Aug, 02 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3640 to 3680 |
₹3720 to 3760 |
|
Karnataka |
₹3875 to 3880 |
– |
|
Uttar Pradesh |
|
₹3960 to 4010 |
|
Gujarat |
₹3675 to 3706 |
₹3775 to 3806 |
|
Tamil Nadu |
₹3900 to 4050 |
₹4050 to 4150 |
|
Madhya Pradesh |
₹3670 to 3685 |
₹3745 to 3785 |
|
Punjab |
₹3840 to 3920 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Aug, 02 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,221.00 |
|
Kanpur |
M/30 |
₹4,158.00 |
|
Kolhapur |
M/30 |
₹3,948.00 |
|
Kolkata |
M/30 |
₹4,252.50 |
|
Muzaffarnagar |
M/30 |
₹4,158.00 |
|
Ahmedabad |
M/30 |
₹4,063.50 |
|
Banglore |
M/30 |
₹4,084.50 |
|
Chennai |
M/30 |
₹4,221.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $517.00 ton, whereas the New York Sugar #11 front month contract is trading at 18.09 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.773 whereas USD was trading with BRL at 5.7433, Crude futures traded at ₹6214, Crude WTI traded at $74.02 barrel. Sensex closed 885.60 points lower at 80981.95 whereas Nifty closed 311.40 points lower at 24699.50
News Round-Up
TMC MP raises issue of sugar industry’s non-compliance with mandatory jute packaging norms; seeks PM’s intervention
Sugarcane farmers’ income in Uttar Pradesh increases by an average of ₹43,364 per hectare
Sugarcane farmers’ income in Uttar Pradesh increases by an average of ₹43,364 per hectare
PM Modi to address global conference of agricultural economists on Saturday
PM Modi to address global conference of agricultural economists on Saturday
