ChiniMandi, Mumbai: 16th Dec 2024
Domestic Market
Domestic prices remained stable.
Domestic sugar prices in major marketplaces were stable for the second session. Despite the price drop, demand remains low, with purchasers remaining need-based since the beginning of crushing activity.
Almost all mills are functioning in Karnataka and Uttar Pradesh, and 183 mills have started crushing operations in Maharashtra, which should keep pricing under control. Due to restricted cane availability in Maharashtra, fewer mills are projected to run this season.
As of Dec 15th, Indian mills have produced 6.09 MMT, lower by 18% as mills in Maharashtra and Karnataka started late. Around 472 mills are operational as compared to the 502 mills of last year. Recovery rate is reported slightly lower compared to the previous season as recovery is reported lower across the major states.
S-grade sugar in Kolhapur costs Rs 3,310-3,360 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,680-3,720. Agrimandi.live expects that the price of Kolhapur S-grade sugar would be between Rs 3,300 and Rs 3,400 per quintal in the near future.
Ex-mill Sugar Prices as on Dec, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3330 to 3370 |
₹3420 to 3450 |
|
South Karnataka |
₹3430 to 3480 |
₹3500 to 3525 |
|
Uttar Pradesh |
|
₹3660 to 3710 |
|
Gujarat |
₹3411 to 3461 |
₹3481 to 3511 |
|
Tamil Nadu |
₹3590 to 3700 |
₹3650 to 3775 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3820 |
|
Punjab |
₹3710 to 3900 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Dec, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,927.00 |
|
Kanpur |
M/30 |
₹3,890.25 |
|
Kolhapur |
M/30 |
₹3,601.50 |
|
Kolkata |
M/30 |
₹3,937.50 |
|
Muzaffarnagar |
M/30 |
₹3,885.00 |
|
Ahmedabad |
M/30 |
₹3,748.50 |
|
Bangaluru |
M/30 |
₹3,801.00 |
|
Chennai |
M/30 |
₹3,916..50 |
At the time of writing this update London White Sugar #5 front month contract is trading at $509.30 ton, whereas the New York Sugar #11 front month contract is trading at 20.47c/lb. The corn futures market trades at 430-0 and the ethanol Chicago trades at 1.62655s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.909 whereas USD was trading with BRL at 6.0394, Crude WTI traded at $70.14 barrel. Sensex closed 384.55 points down at 81,748.57 whereas Nifty closed 100.05 points lower at 24,668.25
News Round-Up
Modi Naturals expands ethanol production capacity with Rs 100 crore investment
Modi Naturals expands ethanol production capacity with Rs 100 crore investment
State Government waives pending electricity dues of Mysuru sugar fact
State Government waives pending electricity dues of Mysuru sugar factory
Ethanol boost: Godavari Biorefineries announces capital expenditure for new 200 KLPD corn/grain-based distillery
