ChiniMandi, Mumbai: 16th July 2024
Domestic Market
Domestic sugar prices continue to rise
Following a sharp drop, domestic prices in Uttar Pradesh increased by Rs 10-15 per quintal in the second session due to strong buying. In Uttar Pradesh, demand was reported to be average and has yet to pick up, whereas Maharashtra saw strong buying. Millers’ lower selling pressure is supporting prices despite average demand. The start of wedding season in North India is expected to drive up demand in the coming days. There are rumours of an increase in MSP, which is supporting spot prices.
S-grade sugar prices in Kolhapur range between Rs 3,545 and 3,570, while M-grade sugar in Muzaffarnagar trades for Rs 3,775 to 3,795. According to Agrimandi, S grade sugar in the Kolhapur market is expected to trade between Rs 3,500 and Rs 3,600 per quintal over the next two weeks.
Ex-mill Sugar Prices as on July, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3540 to 3580 |
₹3620 to 3660 |
|
Karnataka |
₹3730 to 3750 |
– |
|
Uttar Pradesh |
|
₹3775 to 3795 |
|
Gujarat |
₹3560 to 3581 |
₹3660 to 3681 |
|
Tamil Nadu |
₹3800 to 3875 |
₹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, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,016.25 |
|
Kanpur |
M/30 |
₹3,974.25 |
|
Kolhapur |
M/30 |
₹3,837.75 |
|
Kolkata |
M/30 |
₹4,047.75 |
|
Muzaffarnagar |
M/30 |
₹3,974.25 |
|
Ahmedabad |
M/30 |
₹3,927.00 |
|
Banglore |
M/30 |
₹3,921.75 |
|
Chennai |
M/30 |
₹4,047.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $569.00 ton, whereas the New York Sugar #11 front month contract is trading at 19.65 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.586 whereas USD was trading with BRL at 5.4488, Crude futures traded at ₹6765, Crude WTI traded at $79.77 barrel. Sensex closed 51.69 points higher at 80716.55 whereas Nifty closed 26.30 points higher at 24613.00
News Round-Up
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Accumulation of unpaid wage bills: what is the fault of employees of the sugar industry?
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