ChiniMandi, Mumbai: 1st July 2024
Domestic Market
Sugar prices traded stable
Domestic sugar prices were reported to be stable due to low demand from industry users. Demand is reported to be dull, and the monthly quota is also reported to be higher in light of the demand, which is weighing on prices. Furthermore, rainfall activity was reported to be favorable, putting pressure on sugar prices as crop conditions improve in Maharashtra and South India.
M-grade sugar in Muzaffarnagar is priced between Rs 3,830 and Rs 3,850 per quintal, while S-grade sugar in Kolhapur costs between Rs 3,570 and Rs 3,610. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall between Rs 3,540 and Rs 3,660 per quintal in the next two weeks.
Ex-mill Sugar Prices as on July, 01 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3600 |
₹3660 to 3680 |
|
Karnataka |
₹3770 to 3775 |
– |
|
Uttar Pradesh |
|
₹3830 to 3850 |
|
Gujarat |
₹3585 to 3621 |
₹3685 to 3711 |
|
Tamil Nadu |
₹3815 to 3925 |
₹4000 |
|
Madhya Pradesh |
₹3720 to 3780 |
₹3750 to 3800 |
|
Punjab |
₹3975 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on July, 01 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,074.00 |
|
Kanpur |
M/30 |
₹4,032.00 |
|
Kolhapur |
M/30 |
₹3,853.50 |
|
Kolkata |
M/30 |
₹4,095.00 |
|
Muzaffarnagar |
M/30 |
₹4,032.00 |
|
Ahmedabad |
M/30 |
₹3,969.00 |
|
Banglore |
M/30 |
₹3,953.25 |
|
Chennai |
M/30 |
₹4,079.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $583.10 ton, whereas the New York Sugar #11 front month contract is trading at 20.10 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.445 whereas USD was trading with BRL at 5.5940, Crude futures traded at ₹6843, Crude WTI traded at $82.03 barrel. Sensex closed 443.46 points higher at 79476.19 whereas Nifty closed 131.35 points higher at 24141.95
News Round-Up
India is unlikely to ease restrictions on sugar exports until at least October: Media Report
Mandya: Mysugar factory may procure sugarcane from other districts to meet sugarcane crushing target
