ChiniMandi, Mumbai: 25th July 2024
Domestic Market
Domestic sugar prices were stable
Following a weak session, domestic sugar prices were reported to be stable across the centres. According to sources, demand is reported to be dull at higher price levels. Moreover, falling global prices are making Indian sugar to be disparity at global markets indicating less chances of exports from India. In addition, the monthly quota for August is expected to be released within the next 2-3 days, and quota is expected to be around 25 lakh tons, 0.5 lakh tons lower than the same month last year and 1.0 lakh tons higher than previous month. The higher quota given the dull demand on the back of good rainfall activity for the coming month is likely to weigh on the prices.
Prices of S-grade sugar in Kolhapur ranging from Rs 3,560 to 3,585 per quintal, while M-grade sugar in Muzaffarnagar traded in the range of Rs 3,815 to 3,845 per quintal. According to Agrimandi, S grade sugar in the Kolhapur market is expected to trade between Rs 3,520 and Rs 3,620 per quintal over the next two weeks.
Ex-mill Sugar Prices as on July, 25 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3560 to 3590 |
₹3640 to 3670 |
|
Karnataka |
₹3780 |
– |
|
Uttar Pradesh |
|
₹3815 to 3845 |
|
Gujarat |
₹3595 to 3616 |
₹3695 to 3716 |
|
Tamil Nadu |
₹3780 to 3900 |
– |
|
Madhya Pradesh |
₹3670 to 3685 |
₹3745 to 3785 |
|
Punjab |
₹3840 to 3920 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 25 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,058.25 |
|
Kanpur |
M/30 |
₹4,011.00 |
|
Kolhapur |
M/30 |
₹3,843.00 |
|
Kolkata |
M/30 |
₹4,095.00 |
|
Muzaffarnagar |
M/30 |
₹4,011.00 |
|
Ahmedabad |
M/30 |
₹3,937.50 |
|
Banglore |
M/30 |
₹3,948.00 |
|
Chennai |
M/30 |
₹4,074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $526.50 ton, whereas the New York Sugar #11 front month contract is trading at 18.17 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.769 whereas USD was trading with BRL at 5.6757, Crude futures traded at ₹6386, Crude WTI traded at $76.08 barrel. Sensex closed 109.08 points lower at 80039.80 whereas Nifty closed 7.40 points lower at 24,406.10
News Round-Up
Global Biofuels Alliance membership expanded to 24 countries: Government
Global Biofuels Alliance membership expanded to 24 countries: Government
India’s Energy Independence: ISMA presents roadmap for Indian sugar mills to Food and Consumer Affairs Minister Pralhad Joshi
Maharashtra: IMD issues alert for heavy rainfall till tomorrow
Maharashtra: IMD issues alert for heavy rainfall till tomorrow
