Domestic sugar prices started to fall again
After remaining stable for a session, domestic sugar prices in the major markets were reported to be Rs 20–30 per quintal lower. Moreover, as crushing begins, prices continue to fall. Furthermore, there has been no update on ethanol prices or sugar MSP, and sources say the decision will be made following the Maharashtra assembly elections.
Demand is said to be dull, with buyers preferring hand-to-mouth, and the government has not announced an increase in sugar MSP, putting pressure on prices over the last fortnight.
S-grade sugar in Kolhapur costs Rs 3,410-3,480 per quintal, whereas M-grade sugar in Muzaffarnagar costs Rs 3,750-3,800. According to Agrimandi.live, Kolhapur S-grade sugar will be priced between Rs 3,400 and Rs 3,520 per quintal in the near future.
Ex-mill Sugar Prices as on Nov, 18 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3440 to 3480 |
₹3500 to 3550 |
|
South Karnataka |
₹3570 to 3660 |
₹3640 to 3710 |
|
Uttar Pradesh |
|
₹3790 to 3840 |
|
Gujarat |
₹3555 to 3571 |
₹3571 to 3661 |
|
Tamil Nadu |
₹3700 to 3850 |
₹3760 to 3950 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3820 |
|
Punjab |
₹3950 to 4050 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Nov, 18 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,021.50 |
|
Kanpur |
M/30 |
₹3,984.75 |
|
Kolhapur |
M/30 |
₹3,717.00 |
|
Kolkata |
M/30 |
₹4,032.00 |
|
Muzaffarnagar |
M/30 |
₹3,979.50 |
|
Ahmedabad |
M/30 |
₹3,874.50 |
|
Bangalore |
M/30 |
₹3,927.00 |
|
Chennai |
M/30 |
₹4,032.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $569.30 ton, whereas the New York Sugar #11 front month contract is trading at 21.97 c/lb. The corn futures market trades at 422-4 -1-4 and the ethanol Chicago trades at 1.64250s.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.428 whereas USD was trading with BRL at 5.7646, Crude WTI traded at $67.39 barrel. Sensex closed 241.30 points lower at 77,339.01 whereas Nifty closed 78.90 points lower at 23,453.80.
