ChiniMandi, Mumbai: 3rd Dec 2024
Domestic Market
Weak sentiment continued in domestic sugar prices.
Domestic sugar prices in the major markets remained lower at the start of the crushing season. Prices have fallen by Rs 20 per quintal in Maharashtra and Karnataka and by Rs 10 per quintal in the Northern markets. Demand is said to be flat, as buyers remain after crushing activity began across the states. Almost all mills are operational in Karnataka and Uttar Pradesh, and approximately 100 have begun crushing operations in Maharashtra, which should keep prices under control.
According to the NFCSF, Indian mills produced 2.79 MMT of sugar with 381 mills operational across the country, compared to 4.32 MMT the previous season with 433 mills operational. Sugar production in Uttar Pradesh, Maharashtra, and Karnataka is reported as 1.29 MMT, 0.46 MMT, and 0.7 MMT, respectively.
S-grade sugar in Kolhapur costs Rs 3,370-3,420 per quintal, while M-grade sugar in Muzaffarnagar costs Rs 3,680-3,720. According to Agrimandi.live, Kolhapur S-grade sugar will cost between Rs 3,360 and Rs 3,480 per quintal in the near future.
Ex-mill Sugar Prices as on Dec, 03 2024 :
| State | S/30
[Rates per Quintal] |
M/30
[Rates per Quintal] |
| Maharashtra | ₹3340 to 3400 | ₹3400 to 3450 |
| South Karnataka | ₹3510 to 3550 | ₹3540 to 3600 |
| Uttar Pradesh | ₹3680 to 3720 | |
| Gujarat | ₹3461 to 3505 | ₹3551 to 3621 |
| Tamil Nadu | ₹3625 to 3825 | ₹3685 to 3925 |
| Madhya Pradesh | ₹3700 to 3720 | ₹3750 to 3820 |
| Punjab | ₹3950 to 4050 | |
| (All the above rates are excluding GST) | ||
Destination-wise Spot Prices as on Dec, 03 2024 :
| City | Grade | Rate |
| Delhi | M/30 | ₹3,927.00 |
| Kanpur | M/30 | ₹3,885.00 |
| Kolhapur | M/30 | ₹3,664.50 |
| Kolkata | M/30 | ₹3,937.00 |
| Muzaffarnagar | M/30 | ₹3,885.00 |
| Ahmedabad | M/30 | ₹3,801.00 |
| Banglore | M/30 | ₹3,853.50 |
| Chennai | M/30 | ₹3,969.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $525.10 ton, whereas the New York Sugar #11 front month contract is trading at 21.42c/lb. The corn futures market trades at 425-4 and the ethanol Chicago trades at 1.62655s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.669 whereas USD was trading with BRL at 6.0628, Crude WTI traded at $68.91 barrel. Sensex closed 597.67 points up at 80,845.75 whereas Nifty closed 181.10 points higher at 24,457.15
News Round-Up
Empowering growth: The crucial role of HRD in cooperative sugar factories
Empowering growth: The crucial role of HRD in cooperative sugar factories
Indian firm advocates for power generation from bagasse to revive Kenya’s struggling sugar industry
Indian firm advocates for power generation from bagasse to revive Kenya’s struggling sugar industry
