ChiniMandi, Mumbai: 29th July 2024
Domestic Market
Domestic sugar prices continue to surge on lower quota
Domestic sugar prices in the major markets soared as the quota was lower than market expectations. Prices in Uttar Pradesh increased by Rs 80-90 per quintal, while prices in Kolhapur rose by Rs 50-60 per quintal. The lower quota fuelled the rally in the spot markets.
Prices for S-grade sugar in Kolhapur ranged from Rs 3,660 to 3,700 per quintal, while M-grade sugar in Muzaffarnagar ranged from Rs 3,990 to 4,040. According to Agrimandi, S grade sugar in the Kolhapur market is expected to trade between Rs 3,600 and Rs 3,750 per quintal in the coming two weeks.
The monthly quota for August is reported to be 22 lakh tons, 3.5 lakh tons less than the same month last year and 2.0 lakh tons less than the month before. Furthermore, the validity of sugar sales under the monthly quota for July 2024 has been extended until August 15th, 2024. However, according to sources, there is not much sugar left from last month, which fueled the rally in spot markets. As prices rose, the food ministry may issue additional quotas.
Ex-mill Sugar Prices as onย ย July, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3630 to 3660 |
โน3710 to 3740 |
|
Karnataka |
โน3850 |
– |
|
Uttar Pradesh |
|
โน3990 to 4040 |
|
Gujarat |
โน3675 to 3706 |
โน3775 to 3806 |
|
Tamil Nadu |
โน3875 to 3925 |
โน4000 |
|
Madhya Pradesh |
โน3670 to 3685 |
โน3745 to 3785 |
|
Punjab |
โน3840 to 3920 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as onย ย July, 29 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน4,242.00 |
|
Kanpur |
M/30 |
โน4,189.50 |
|
Kolhapur |
M/30 |
โน3,937.50 |
|
Kolkata |
M/30 |
โน4,284.00 |
|
Muzaffarnagar |
M/30 |
โน4,189.50 |
|
Ahmedabad |
M/30 |
โน4,053.00 |
|
Banglore |
M/30 |
โน4,074.00 |
|
Chennai |
M/30 |
โน4,210.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $537.10 ton, whereas the New York Sugar #11 front month contract is trading at 18.95 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.738 whereas USD was trading with BRL at 5.6453, Crude futures traded at โน6447, Crude WTI traded at $76.86 barrel. Sensex closed 23.12 points higher at 81355.84 whereas Nifty closed 7.60 points higher at 24842.45.
