ChiniMandi, Mumbai: 3rd July 2024
Domestic Market
Sugar prices continue to trade weak
It was reported that low demand from industrial users was the reason behind the weak domestic sugar prices. Prices dropped by Rs 5–10 per quintal in all of the centers as a result of millers’ aggressive selling. It is claimed that there is little demand and that the higher monthly quota is a result, driving up prices. In addition, favorable rainfall activity was reported, which would pressure sugar prices as crop conditions improve in South India and Maharashtra.
S-grade sugar in Kolhapur costs between Rs 3,560 and Rs 3,610 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,800 and Rs 3,825 per quintal. In the coming two weeks, Agrimandi anticipates a drop in the price of S grade sugar in the Kolhapur market, to be between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on July, 03 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3590 |
₹3640 to 3670 |
|
Karnataka |
₹3770 to 3775 |
– |
|
Uttar Pradesh |
|
₹3805 to 3825 |
|
Gujarat |
₹3580 to 3601 |
₹3680 to 3711 |
|
Tamil Nadu |
₹3815 to 3925 |
₹3875 to 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, 03 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,047.75 |
|
Kanpur |
M/30 |
₹4,005.75 |
|
Kolhapur |
M/30 |
₹3,848.25 |
|
Kolkata |
M/30 |
₹4,068.75 |
|
Muzaffarnagar |
M/30 |
₹4,005.75 |
|
Ahmedabad |
M/30 |
₹3,958.50 |
|
Banglore |
M/30 |
₹3,942.75 |
|
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 $579.70 ton, whereas the New York Sugar #11 front month contract is trading at 20.59 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.502 whereas USD was trading with BRL at 5.6545, Crude futures traded at ₹6924, Crude WTI traded at $82.89 barrel. Sensex closed 545.35 points higher at 79986.80 whereas Nifty closed 162.65 points higher at 24286.50
News Round-Up
ISMA urges Government to re-consider permitting export of surplus sugar after due consideration of domestic demand and supply
Maharashtra: 13 cooperative sugar factories to get loan of Rs 1,898 Crore
Philippines: Sugar groups seek consultation on sugar importation plan
