ChiniMandi, Mumbai: 16th Oct 2024
Domestic Market
Domestic sugar prices were mostly stable
Domestic sugar prices remained stable across the markets. Despite the recent decline in prices, demand remains weak, with buyers adopting a hand-to-mouth purchasing strategy. Crushing operations in North Karnataka are anticipated to be delayed due to ongoing rainfall activity. In Uttar Pradesh, operations are anticipated to commence post-Diwali, whereas in Maharashtra, crushing is expected to begin following the state elections. State elections are set for November 20th in the state.
M-grade sugar in Muzaffarnagar is priced between Rs 3,880 and Rs 3,930 per quintal, while S-grade sugar in Kolhapur ranges from Rs 3,560 to Rs 3,630. Agrimandi.live predicts that S-grade sugar prices in Kolhapur will range from Rs 3,500 to Rs 3,650 per quintal in the near future.
Ex-mill Sugar Prices as on Oct, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3600 |
₹3640 to 3680 |
|
South Karnataka |
₹3680 to 3775 |
₹3700 to 3825 |
|
Uttar Pradesh |
|
₹3880 to 3930 |
|
Gujarat |
₹3621 to 3671 |
₹3695 to 3795 |
|
Tamil Nadu |
₹3825 to 3950 |
₹3925 to 4050 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3820 |
|
Punjab |
₹3950 to 4040 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Oct, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,158.00 |
|
Kanpur |
M/30 |
₹4,116.00 |
|
Kolhapur |
M/30 |
₹3,874.50 |
|
Kolkata |
M/30 |
₹4,200.00 |
|
Muzaffarnagar |
M/30 |
₹4,116.00 |
|
Ahmedabad |
M/30 |
₹4,021.50 |
|
Banglore |
M/30 |
₹4,063.50 |
|
Chennai |
M/30 |
₹4,179.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $576.60 ton, whereas the New York Sugar #11 front month contract is trading at 22.55 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.037 whereas USD was trading with BRL at 5.6830, Crude futures traded at ₹5955, Crude WTI traded at $70.87 barrel. Sensex closed 318.76 points lower at 81501.36 whereas Nifty closed 86.05 points lower at 24971.30
News Round-Up
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