ChiniMandi, Mumbai: 15th Jan 2025
Domestic Market
Domestic sugar prices continue to rise
Domestic sugar prices in major markets have continued to rise due to strong demand and rumors of increased MSP and potential export permission for 1.0 MMT. According to market sources, demand is strong, and prices have remained at a one-and-a-half-month high. Prices rose by Rs 10-20 per quintal.
There have been strong rumours since yesterday that the Indian government may allow exports of 1.0 MMT, but the export parity has dropped dramatically as global sugar prices have continued to fall. Raws are in disparity, whereas LQWs will be in parity until $445/450 per MT for West Maharashtra and North Karnataka mills.
According to NFCSF, sugar production as of January 15th is 13.06 MMT, down 13.7% year on year due to lower cane crush and slower recovery. Cane crushing was reported at 148.2 MMT, down 3.3% year on year. Sugar recovery is reported at 8.82%, compared to 9.42% last season. Around 507 mills are operational, compared to 524 last year.
Meanwhile, NFCSF lowered sugar production to 27.0 MMT from earlier estimates of 28.0 MMT.
S-grade sugar in Kolhapur costs Rs 3,450 to 3,490 per quintal, while M-grade sugar in Muzaffarnagar costs Rs 3,870 to 3,930. Agrimandi.live predicts that the price of Kolhapur S-grade sugar will fall between Rs 3,380 and Rs 3,500 per quintal in the near future. If sugar MSP increases, the range may shift accordingly.
Ex-mill Sugar Prices as onย Jan, 15 2025 :ย
|
State |
S/30ย [Rates per Quintal]ย |
M/30 [Rates per Quintal]ย |
|
Maharashtra |
โน3465 to 3535 |
โน3535 to 3635 |
|
South Karnataka |
โน3650 to 3675 |
โน3680 to 3725 |
|
Uttar Pradesh |
|
โน3870 to 3930 |
|
Gujarat |
โน3631 to 3651 |
โน3731 to 3751 |
|
Tamil Nadu |
โน3750 to 3900 |
โน3850 to 3975 |
|
Madhya Pradesh |
โน3670 to 3720 |
โน3750 to 3845 |
|
Punjab |
โน3960 to 4031 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as onย Jan, 15 2025 :ย
|
Cityย |
Gradeย |
Rateย |
|
Delhi |
M/30 |
โน4,137.00 |
|
Kanpur |
M/30 |
โน4,100.25 |
|
Kolhapur |
M/30 |
โน3,759.00 |
|
Kolkata |
M/30 |
โน4,168.50 |
|
Muzaffarnagar |
M/30 |
โน4,095.00 |
|
Ahmedabad |
M/30 |
โน3,927.00 |
|
Bangaluru |
M/30 |
โน3,979.50 |
|
Chennai |
M/30 |
โน4,137.00 |
At the time of writing this update London White Sugar #5 front month contract is trading at $482.80 ton, whereas the New York Sugar #11 front month contract is trading at 18.40 c/lb. The corn futures market trades at 476-6 and the ethanol Chicago trades at 1.67500s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 86.363 whereas USD was trading with BRL at 6.0665, Crude WTI traded at $76.55 barrel. Sensex closed 224.45 points up at 76,724.08 whereas Nifty closed 37.15 points higher at 23,213.20
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