ChiniMandi, Mumbai: 16th Jan 2025
Domestic Market
Domestic sugar prices continue to increase.
Domestic sugar prices in major markets have continued to rise and rose by Rs 10 per quintal in today’s session. Rumors of an expected increase in MSP and potential export permission for 1.0 MMT are supporting sentiment in the spot markets. However, no decision was made in today’s Union Cabinet meeting.
According to NFCSF, sugar production as of January 15th was 13.06 MMT, a 13.7% decrease year on year due to lower cane crush and slower recovery. Cane crushing was reported at 148.2 MMT, a 3.3% decrease from the previous year. Sugar recovery is reported to be 8.82%, compared to 9.42% last season. Approximately 507 mills are operational, compared to 524 last year. Meanwhile, NFCSF reduced sugar production to 27.0 MMT from the previous estimate of 28.0 MMT. This may result in the refusal of permission for sugar exports this season.
S-grade sugar in Kolhapur costs Rs 3,460 to 3,500 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,885 to 3,950. Agrimandi.live predicts that the price of Kolhapur S-grade sugar will fall between Rs 3,380 and Rs 3,500 per quintal in the near future. If sugar MSP rises, the range may change accordingly.
Ex-mill Sugar Prices as on Jan, 16 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470 to 3545 |
₹3545 to 3645 |
|
South Karnataka |
₹3680 to 3700 |
₹3730 to 3750 |
|
Uttar Pradesh |
|
₹3880 to 3940 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3775 to 3825 |
₹3850 |
|
Madhya Pradesh |
₹3680 to 3730 |
₹3760 to 3855 |
|
Punjab |
₹3970 to 4041 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Jan, 16 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,110.75 |
|
Kolhapur |
M/30 |
₹3,769.50 |
|
Kolkata |
M/30 |
₹4,179.00 |
|
Muzaffarnagar |
M/30 |
₹4,105.50 |
|
Ahmedabad |
M/30 |
₹3,937.50 |
|
Bangaluru |
M/30 |
₹3,990.00 |
|
Chennai |
M/30 |
₹4,147.50 |
At the time of writing this update London White Sugar #5 front month contract is trading at $484.50 ton, whereas the New York Sugar #11 front month contract is trading at 18.38c/lb. The corn futures market trades at 475-2 and the ethanol Chicago trades at 1.68500s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 86.576 whereas USD was trading with BRL at 6.0371, Crude WTI traded at $77.95 barrel. Sensex closed 318.74 points up at 77,042.82 whereas Nifty closed 98.60 points higher at 23,311.80
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