ChiniMandi, Mumbai: 25th Oct 2024
Domestic Market
Domestic sugar prices were stable
After trading weak for three sessions, domestic sugar prices were reported to be stable across major markets. Prices have decreased by Rs 130-150 per quintal from the recent high despite the delay in crushing activity. Despite the recent price decline, demand continues to remain lower as buyers adopt a hand-to-mouth purchasing strategy. Crushing in Karnataka and Maharashtra is delayed by 20-30 days this season; however, adequate stocks are keeping prices lower.
The price of M-grade sugar in Muzaffarnagar ranges from Rs 3,810 to Rs 3,860 per quintal, whereas S-grade sugar in Kolhapur is priced between Rs 3,510 and Rs 3,580. Agrimandi.live anticipates that S-grade sugar prices in Kolhapur will range from Rs 3,500 to Rs 3,620 per quintal in the near future.
Ex-mill Sugar Prices as on Oct, 25 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470to 3530 |
₹3550 to 3600 |
|
South Karnataka |
₹3630 to 3775 |
₹3650 to 3825 |
|
Uttar Pradesh |
|
₹3810 to 3860 |
|
Gujarat |
₹3591 to 3641 |
₹3645 to 3765 |
|
Tamil Nadu |
₹3750 to 3925 |
₹3810 to 4025 |
|
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 Oct, 25 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,074.00 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,822.00 |
|
Kolkata |
M/30 |
₹4,116.00 |
|
Muzaffarnagar |
M/30 |
₹4,042.50 |
|
Ahmedabad |
M/30 |
₹3,969.00 |
|
Banglore |
M/30 |
₹4,011.00 |
|
Chennai |
M/30 |
₹4,116.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $566.30 ton, whereas the New York Sugar #11 front month contract is trading at 22.04 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.079 whereas USD was trading with BRL at 5.6903, Crude futures traded at ₹5984, Crude WTI traded at $71.06 barrel. Sensex closed 662.87 points lower at 79402.29 whereas Nifty closed 218.60 points lower at 24180.80
News Round-Up
API integration: Monthly release quota of sugar from January 2025 onwards will not be allocated to non-compliant mills
GAIL and VERBIO sign MoU to develop agricultural residue based CBG projects in India
GAIL and VERBIO sign MoU to develop agricultural residue based CBG projects in India
Piyush Goyal calls for mutual respect for faster negotiations of India-EU free trade agreement
Piyush Goyal calls for mutual respect for faster negotiations of India-EU free trade agreement
