ChiniMandi, Mumbai: 07th Feb 2025
Domestic Market
Domestic sugar prices were traded higher
Domestic sugar prices in major markets appear to be higher due to strong buying activity, while export quotes are trading higher. Prices in Uttar Pradesh, Maharashtra, and Karnataka are reported to be Rs 20 higher per quintal. Furthermore, according to market sources, production is expected to remain low, contributing to the spot market price rally.
The expected lower output, combined with export permission for 1.0 MMT, is supporting spot market prices. Around 14 mills have closed operations in Maharashtra. Sugar exports range between Rs 42,000 and Rs 44,000 per MT, while exports of low-quality whites will be comparable until $470 per MT. Exports are slowing as millers anticipate higher global prices.
S-grade sugar in Kolhapur costs between Rs 3,770 and 3,830 per quintal, whereas M-grade sugar in Muzaffarnagar ranges between Rs 4,090 and 4,150. Prices are expected to remain high in the coming days.
Ex-mill Sugar Prices as on Feb, 7 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3730 to 3750 |
₹3830 to 3895 |
|
South Karnataka |
₹3850 to 3925 |
₹3870 to 3975 |
|
Uttar Pradesh |
|
₹4090 to 4150 |
|
Gujarat |
₹3801 to 3831 |
₹3901 to 3941 |
|
Tamil Nadu |
₹3850 to 4140 |
₹3910 to 4125 |
|
Madhya Pradesh |
₹3400 |
₹4040 to 4050 |
|
Punjab |
₹4160 to 4226 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Feb, 7 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,378.50 |
|
Kanpur |
M/30 |
₹4,347.00 |
|
Kolhapur |
M/30 |
₹4,095.00 |
|
Kolkata |
M/30 |
₹4,462.50 |
|
Muzaffarnagar |
M/30 |
₹4,347.00 |
|
Ahmedabad |
M/30 |
₹4,263.00 |
|
Bangaluru |
M/30 |
₹4,263.00 |
|
Chennai |
M/30 |
₹4,410.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $526.00 ton, whereas the New York Sugar #11 front month contract is trading at 19.70 c/lb. The corn futures market trades at 493-0 and the ethanol Chicago trades at 1.68214s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 87.481 whereas USD was trading with BRL at 5.7850 Crude WTI traded at $71.08 barrel. Sensex closed 197.97 points down at 77,860.19 whereas Nifty closed 48.40 points lower at 23,559.95
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