ChiniMandi, Mumbai: 3rd July 2024
Domestic Market
Sugar prices continue to trade weak
It was reported that low demand from industrial users was the reason behind the weak domestic sugar prices. Prices dropped by Rs 5โ10 per quintal in all of the centers as a result of millers’ aggressive selling. It is claimed that there is little demand and that the higher monthly quota is a result, driving up prices. In addition, favorable rainfall activity was reported, which would pressure sugar prices as crop conditions improve in South India and Maharashtra.
S-grade sugar in Kolhapur costs between Rs 3,560 and Rs 3,610 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,800 and Rs 3,825 per quintal. In the coming two weeks, Agrimandi anticipates a drop in the price of S grade sugar in the Kolhapur market, to be between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as onย ย July, 03 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3560 to 3590 |
โน3640 to 3670 |
|
Karnataka |
โน3770 to 3775 |
– |
|
Uttar Pradesh |
|
โน3805 to 3825 |
|
Gujarat |
โน3580 to 3601 |
โน3680 to 3711 |
|
Tamil Nadu |
โน3815 to 3925 |
โน3875 to 4000 |
|
Madhya Pradesh |
โน3720 to 3780 |
โน3750 to 3800 |
|
Punjab |
โน3975 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as onย ย July, 03 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน4,047.75 |
|
Kanpur |
M/30 |
โน4,005.75 |
|
Kolhapur |
M/30 |
โน3,848.25 |
|
Kolkata |
M/30 |
โน4,068.75 |
|
Muzaffarnagar |
M/30 |
โน4,005.75 |
|
Ahmedabad |
M/30 |
โน3,958.50 |
|
Banglore |
M/30 |
โน3,942.75 |
|
Chennai |
M/30 |
โน4,074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $579.70 ton, whereas the New York Sugar #11 front month contract is trading at 20.59 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.502 whereas USD was trading with BRL at 5.6545, Crude futures traded at โน6924, Crude WTI traded at $82.89 barrel. Sensex closed 545.35 points higher at 79986.80 whereas Nifty closed 162.65 points higher at 24286.50
News Round-Up
ISMA urges Government to re-consider permitting export of surplus sugar after due consideration of domestic demand and supply
Maharashtra: 13 cooperative sugar factories to get loan of Rs 1,898 Crore
Philippines: Sugar groups seek consultation on sugar importation plan
