ChiniMandi, Mumbai: 11th July 2024
Domestic Market
Domestic sugar prices were stable
After a sharp drop, domestic sugar prices were reported to be stable. Although prices have recently fallen, demand has not yet picked up, which will likely weigh on prices in the coming days.
The price of a quintal of S-grade sugar in Kolhapur is Rs 3,535–3,560, while that of M-grade sugar in Muzaffarnagar is Rs 3,740-3,760. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected trade in the range of Rs 3,520 to Rs 3,620 per quintal over the course of the next two weeks.
Ex-mill Sugar Prices as on July, 11 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3540 to 3580 |
₹3620 to 3660 |
|
Karnataka |
₹3740 to 3750 |
– |
|
Uttar Pradesh |
|
₹3740 to 3760 |
|
Gujarat |
₹3570 to 3591 |
₹3670 to 3691 |
|
Tamil Nadu |
₹3790 to 3900 |
₹3850 to 4000 |
|
Madhya Pradesh |
₹3710 to 3730 |
₹3780 to 3830 |
|
Punjab |
₹3920 to 3980 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 11 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,979.50 |
|
Kanpur |
M/30 |
₹3,937.50 |
|
Kolhapur |
M/30 |
₹3,827.25 |
|
Kolkata |
M/30 |
₹4,011.00 |
|
Muzaffarnagar |
M/30 |
₹3,937.50 |
|
Ahmedabad |
M/30 |
₹3,916.50 |
|
Banglore |
M/30 |
₹3,895.50 |
|
Chennai |
M/30 |
₹4,021.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $551.00 ton, whereas the New York Sugar #11 front month contract is trading at 19.53 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.580 whereas USD was trading with BRL at 5.4159, Crude futures traded at ₹6869, Crude WTI traded at $82.15 barrel. Sensex closed 27.43 points lower at 79897.34 whereas Nifty closed 8.50 points lower at 24315.95
News Round-Up
Government will look at allowing sugar export from new crop sometime in September-October: Industry expert
PM Modi met with eminent economists and took their suggestions for Union Budget 2024
PM Modi met with eminent economists and took their suggestions for Union Budget 2024
Bihar’s Agriculture Minister highlights production potential for maize during meeting with Shivraj Singh Chouhan
