ChiniMandi, Mumbai: 30th Jan 2025
Domestic Market
Domestic sugar prices continue to trade higher
Domestic sugar prices in major markets have been reported to be up by Rs 10 per quintal. Prices have recovered by Rs 10 per quintal in across the major markets of Uttar Praresh, Maharashtra and Karnataka. The rise in global prices has resulted in a recovery in domestic prices, with export prices trading around Rs 40,000 per MT. According to market sources, export contracts have been executed at a good pace over the last 3-4 sessions, and we are now at parity for LQW up to $470 per MT.
The Food Ministry has allocated 22.5 lakh tons as a monthly quota for February, which is similar to the previous month but 0.5 lakh tons higher than the same month previous year. As prices rise due to export permission, more quantity has been allocated this month.
Oil Marketing Companies (OMCs) have invited bids for the supply of approximately 124 crore litres of Denatured Anhydrous Ethanol for the second and third quarters of ESY 2024-25, which will be sourced from C-heavy molasses and surplus rice from FCI, keeping prices stable.
S-grade sugar in Kolhapur is priced between Rs 3,610 and 3,650 per quintal, while M-grade sugar in Muzaffarnagar ranges from Rs 3,960 to 4,020.
Ex-mill Sugar Prices as on Jan, 30 2025 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3670 |
₹3670 to 3720 |
|
South Karnataka |
₹3775 to 3810 |
₹3860 |
|
Uttar Pradesh |
|
₹3960 to 4020 |
|
Gujarat |
₹3761 to 3851 |
₹3851 to 3891 |
|
Tamil Nadu |
₹3850 to 3960 |
₹3930 |
|
Madhya Pradesh |
₹3810 to 3820 |
₹3850 to 3870 |
|
Punjab |
₹4040 to 4101 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on Jan, 30 2025 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,231.50 |
|
Kanpur |
M/30 |
₹4,194.75 |
|
Kolhapur |
M/30 |
₹3,916.00 |
|
Kolkata |
M/30 |
₹4,284.00 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
|
Ahmedabad |
M/30 |
₹4,074.00 |
|
Bangaluru |
M/30 |
₹4,126.50 |
|
Chennai |
M/30 |
₹4,284.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $519.00 ton, whereas the New York Sugar #11 front month contract is trading at 19.31 c/lb. The corn futures market trades at 495-2 and the ethanol Chicago trades at 1.67250s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 86.630 whereas USD was trading with BRL at 5.8590 Crude WTI traded at $72.53 barrel. Sensex closed 226.85 points up at 76,759.81 whereas Nifty closed 86.40 points higher at 23,249.50
News Round-Up
Nitin Gadkari to discuss with oil companies to make ethanol rates reasonable
Nitin Gadkari to discuss with oil companies to make ethanol rates reasonable
Cane cultivation management would boost the lives of farmers
Cane cultivation management would boost the lives of farmers
Ethanol price revision by govt suggests a potential reshaping of India’s ethanol Industry: Report
Ethanol price revision by govt suggests a potential reshaping of India’s ethanol Industry: Report
