ChiniMandi, Mumbai: 28th Nov 2024
Domestic Market
Domestic sugar prices were stable
After a drastic fall, domestic sugar prices in the major markets were reported to be stable. Demand is said to be dull as buyers remain as crushing activity started across the states.
The Food Ministry allocated 22.0 lakh tons of sugar for the month of December, lower by 2.0 lakh tons compared to the same month previous season and similar to the previous month. As crushing is going on and no update on sugar MSP, which is keeping prices in the downtrend from the last fortnight and expected to continue to remain lower.
S-grade sugar in Kolhapur costs Rs 3,400-3,440 per quintal, while M-grade sugar in Muzaffarnagar costs Rs 3,700-3,740. According to Agrimandi.live, Kolhapur S-grade sugar will cost between Rs 3,360 and Rs 3,480 per quintal in the near future.
Ex-mill Sugar Prices as onย Nov, 28 2024 :ย
| State | S/30ย
[Rates per Quintal]ย |
M/30
[Rates per Quintal]ย |
| Maharashtra | โน3370 to 3420 | โน3450 to 3500 |
| South Karnataka | โน3530 to 3610 | โน3580 to 3660 |
| Uttar Pradeshย | ย ย ย ย ย ย ย ย | โน3700 to 3740 |
| Gujaratย | โน3480 to 3530 | โน3510 to 3641 |
| Tamil Naduย | โน3675 to 3825 | โน3735 to 3925 |
| Madhya Pradesh | โน3700 to 3720 | โน3750 to 3820 |
| Punjabย | โน3950 to 4050 | |
| (All the above rates are excluding GST) | ||
Destination-wise Spot Prices as onย Nov, 28 2024 :ย
| Cityย | Gradeย | Rateย |
| Delhiย | M/30 | โน3,948.00 |
| Kanpur | M/30 | โน3,906.00 |
| Kolhapur | M/30 | โน3,690.75 |
| Kolkataย | M/30 | โน3,958.50 |
| Muzaffarnagarย | M/30 | โน3,906.00 |
| Ahmedabad | M/30 | โน3,832.50 |
| Banglore | M/30 | โน3,885.00 |
| Chennai | M/30 | โน3,990.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $545.20 ton, whereas the New York Sugar #11 front month contract is trading at 21.69c/lb. The corn futures market trades at 415-6 and the ethanol Chicago trades at 1.62000s
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 84.466 whereas USD was trading with BRL at 5.8285, Crude WTI traded at $69.05 barrel. Sensex closed 1,190.34 points down at 79,043.74 whereas Nifty closed 360.75 points lower at 23,914.15
News Round-Up
NFCSF refutes cane worker exploitation; calls US media report โconspiracyโ to damage sugar industry
NFCSF refutes cane worker exploitation; calls US media report ‘conspiracy’ to damage sugar industry
Godavari Biorefineries exploring grain-based ethanol production
Godavari Biorefineries exploring grain-based ethanol production
