ChiniMandi, Mumbai: 18th Oct 2024
Domestic Market
Weak sentiment continued in domestic sugar prices
Domestic sugar prices fell across markets, with a reported decrease of Rs 10 per quintal in Uttar Pradesh and Rs 5 in the Kolhapur markets. Despite the recent price drop, demand remains weak as buyers pursue a hand-to-mouth purchasing strategy.
Crushing operations in North Karnataka are expected to be delayed due to current rainfall activity. Operations in Uttar Pradesh are expected to begin after Diwali, while crushing in Maharashtra will begin following the state elections. State elections are scheduled for November 20th in the state.
M-grade sugar in Muzaffarnagar ranges from Rs 3,860 to Rs 3,910 per quintal, while S-grade sugar in Kolhapur costs between Rs 3,550 and Rs 3,610. Agrimandi.live predicts that S-grade sugar prices in Kolhapur will range between Rs 3,500 and Rs 3,650 per quintal in the near future.
Ex-mill Sugar Prices as on Oct, 18 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3550 to 3600 |
₹3630 to 3680 |
|
South Karnataka |
₹3640 to 3775 |
₹3640 to 3825 |
|
Uttar Pradesh |
|
₹3860 to 3910 |
|
Gujarat |
₹3601 to 3651 |
₹3675 to 3775 |
|
Tamil Nadu |
₹3800 to 3950 |
₹3860 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, 18 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,126.50 |
|
Kanpur |
M/30 |
₹4,095.00 |
|
Kolhapur |
M/30 |
₹3,858.75 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,095.00 |
|
Ahmedabad |
M/30 |
₹4,005.75 |
|
Banglore |
M/30 |
₹4,047.75 |
|
Chennai |
M/30 |
₹4,158.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $576.50 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 84.063 whereas USD was trading with BRL at 5.6406, Crude futures traded at ₹5928, Crude WTI traded at $70.57 barrel. Sensex closed 218.14 points higher at 81224.75 whereas Nifty closed 104.20 points higher at 24854.05
News Round-Up
Focus on ethanol, biogas, green hydrogen and others: Andhra introduces AP Integrated Clean Energy Policy
Malaysia to increase sugar tax again
Despite signs of export recovery in September, trade outlook remains uncertain: Crisil Report
Despite signs of export recovery in September, trade outlook remains uncertain: Crisil Report
