Daily Sugar Market Update By Vizzie – 07/11/2024

ChiniMandi, Mumbai: 7th Nov 2024

Domestic Market

Domestic sugar prices continue to trade weak

Sugar prices in Uttar Pradesh and Maharashtra’s main markets have fallen by another Rs 10 per quintal. Demand is said to be dull, with buyers going hand-to-mouth as crushing activity starts. Cruising has begun in Uttar Pradesh, with Karnataka expected to follow on November 8th and Maharashtra in the third week of the month. State assembly elections in Maharashtra are expected to postpone the crushing.

M-grade sugar in Muzaffarnagar costs Rs 3,860-3,900 per quintal, while S-grade sugar in Kolhapur costs Rs 3,480-3,550. Agrimandi.live predicts: Kolhapur S-grade sugar prices are expected to rise to Rs 3,460-3,600 per quintal in the coming days.

Ex-mill Sugar Prices as on  Nov, 07 2024 : 

State

S/30 

[Rates per Quintal] 

M/30

[Rates per Quintal] 

Maharashtra

₹3460 to 3520

₹3540 to 3600

South Karnataka

₹3640 to 3775

₹3660 to 3825

Uttar Pradesh

₹3860 to 3910

Gujarat

₹3581 to 3621

₹3641 to 3741

Tamil Nadu

₹3760 to 3925

₹3925 to 4025

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  Nov, 07 2024 : 

City 

Grade 

Rate 

Delhi

M/30

₹4,137.00

Kanpur

M/30

₹4,105.50

Kolhapur

M/30

₹3,790.50

Kolkata

M/30

₹4,158.00

Muzaffarnagar

M/30

₹4,100.25

Ahmedabad

M/30

₹3,948.00

Banglore

M/30

₹4,000.50

Chennai

M/30

₹4,105.50

 

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $565.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.36 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 84.347 whereas USD was trading with BRL at 5.7062, Crude futures traded at ₹5985, Crude WTI traded at $70.94 barrel. Sensex closed 836.34 points lower at 79541.79 whereas Nifty closed 284.70 points lower at 24199.35

News Round-Up

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