ChiniMandi, Mumbai: 4th July 2024
Domestic Market
Sugar prices remained weak
Domestic sugar prices continued to fall, dropping by Rs 5-10 per quintal across the centers. ISMA recently stated higher closing stock of 91 lakh tonnes by the end of September 2024, which weighed on spot market prices. Prices fell as higher stocks weighed on an already dull market. In addition, favorable rainfall activity was reported, which would put pressure on sugar prices as crop conditions improved in South India and Maharashtra.
The price range for S-grade sugar in Kolhapur is Rs 3,550-3,590 per quintal, whereas the price range for M-grade sugar in Muzaffarnagar is Rs 3,800-3,820 per quintal. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will decrease over the next two weeks, to a range of Rs 3,520 to Rs 3,660 per quintal.
Ex-mill Sugar Prices as on July, 04 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 |
|
₹3800 to 3820 |
|
Gujarat |
₹3580 to 3601 |
₹3680 to 3711 |
|
Tamil Nadu |
₹3815 to 3925 |
₹3875 to 4000 |
|
Madhya Pradesh |
₹3710 to 3730 |
₹3780 to 3830 |
|
Punjab |
₹3940 to 3990 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 04 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,042.50 |
|
Kanpur |
M/30 |
₹4,000.50 |
|
Kolhapur |
M/30 |
₹3,843.00 |
|
Kolkata |
M/30 |
₹4,063.50 |
|
Muzaffarnagar |
M/30 |
₹4,000.50 |
|
Ahmedabad |
M/30 |
₹3,953.25 |
|
Banglore |
M/30 |
₹3,937.50 |
|
Chennai |
M/30 |
₹4,058.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $585.90 ton, whereas the New York Sugar #11 front month contract is trading at 20.53 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.511 whereas USD was trading with BRL at 5.5595, Crude futures traded at ₹6950, Crude WTI traded at $83.20 barrel. Sensex closed 62.87 points higher at 80049.67 whereas Nifty closed 15.65 points higher at 24302.15
News Round-Up
“Smuggling of sugar to Bangladesh would drastically come down”
“Smuggling of sugar to Bangladesh would drastically come down”
Exporting sugar remains more profitable for India than selling it in the domestic market: Tarun Sawhney
Volvo Cars to introduce ethanol-compatible vehicles in India
Volvo Cars to introduce ethanol-compatible vehicles in India
