ChiniMandi, Mumbai: 26th July 2024
Domestic Market
Steady to weak sentiment reported in domestic sugar prices
Following a steady session, domestic sugar prices in the major markets were reported to be stable to weak. Prices fell by Rs 10 per quintal in Uttar Pradesh while steady sentiment was witnessed in Kolhapur. According to sources, demand is reported to be dull which is weighing on prices. Moreover, falling global prices are making Indian sugar to be disparity at global markets indicating less chances of exports from India. The monthly quota for August is reported at 22 lakh tons, which is 3.5 lakh tons lower than the same month last year (25.5 LMT= 23.5 LMT + 2 LMT additional) and 2.0 lakh tons lower than previous month. In addition, the validity of sugar sales under the monthly quota of July, 2024 has been extended to 15th August, 2024.
Prices of S-grade sugar in Kolhapur traded between 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, 26 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 |
₹3575 to 3606 |
₹3675 to 3706 |
|
Tamil Nadu |
₹3780 to 3880 |
– |
|
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, 26 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,047.75 |
|
Kanpur |
M/30 |
₹4,000.50 |
|
Kolhapur |
M/30 |
₹3,843.00 |
|
Kolkata |
M/30 |
₹4,084.50 |
|
Muzaffarnagar |
M/30 |
₹4,000.50 |
|
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 $522.60 ton, whereas the New York Sugar #11 front month contract is trading at 18.36 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.743 whereas USD was trading with BRL at 5.6448, Crude futures traded at ₹6541, Crude WTI traded at $77.91 barrel. Sensex closed 1292.92 points higher at 81332.72 whereas Nifty closed 443.80 points higher at 24849.90
News Round-Up
No benefit under any scheme of DFPD, including export quota, to be granted to sugar mill that violates stockholding limit orders more than 3 times
Government fixes 22 LMT monthly sugar quota for domestic sale in August 2024 with extension for July quota
DGFT announces enhancements to Export Promotion Capital Goods Scheme to benefit exporters
DGFT announces enhancements to Export Promotion Capital Goods Scheme to benefit exporters
