ChiniMandi, Mumbai: 29th Aug 2024
Domestic Market
Domestic sugar prices were stable to weak
Domestic sugar prices were reported to be stable to weak in the major markets. Prices in Muzaffarnagar were steady, while in Kolhapur they fell by Rs 10 per quintal. Prices in Uttar Pradesh have fallen significantly since the beginning of the month, resulting in price stability.
Meanwhile, the Food Ministry has assigned the September monthly quota. According to the update, the quota is reported to be 23.5 lakh tons, 1.5 lakh tons higher than the previous month and 1.5 lakh tons lower than the same month last year.
S-grade sugar costs between Rs 3,830 and Rs 3,890 per quintal in Muzaffarnagar, and Rs 3,610 to Rs 3,660 in Kolhapur. Agrimandi predicts that S-grade sugar prices in the Kolhapur market will range between Rs 3,600 and Rs 3,720 per quintal over the next two weeks.
Ex-mill Sugar Prices as on Aug, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3600 to 3630 |
₹3680 to 3710 |
|
Karnataka |
₹3750 to 3825 |
₹3775 to 3875 |
|
Uttar Pradesh |
|
₹3830 to 3890 |
|
Gujarat |
₹3601 to 3631 |
₹3685 to 3731 |
|
Tamil Nadu |
₹3850 to 3900 |
₹3775 |
|
Madhya Pradesh |
₹3730 to 3770 |
₹3820 to 3860 |
|
Punjab |
₹4000 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Aug, 29 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,032.00 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
Muzaffarnagar |
M/30 |
₹4,032.00 |
|
Ahmedabad |
M/30 |
₹3,995.25 |
|
Banglore |
M/30 |
₹4,032.00 |
|
Chennai |
M/30 |
₹4,163.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $548.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.56 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.897 whereas USD was trading with BRL at 5.6342, Crude futures traded at ₹6400, Crude WTI traded at $76.02 barrel. Sensex closed 349.05 points higher at 82134.61 whereas Nifty closed 34.60 points higher at 25052.35
News Round-Up
ESY 2024-25: Government allows sugar mills and distilleries to produce ethanol from sugarcane juice, B-Heavy Molasses
Anything that goes wrong in Brazil will have a big effect on sugar market: Trade Analyst Julian Price
Government reaffirms commitment to purchasing jute bags for compulsory packaging of food grains and sugar: IJMA on Cabinet approval
