ChiniMandi, Mumbai: 29th Aug 2024
Domestic Market
Domestic sugar prices were stable to weak
Domestic sugar prices were reported to be stable to weak in the major markets. Prices in Muzaffarnagar were steady, while in Kolhapur they fell by Rs 10 per quintal. Prices in Uttar Pradesh have fallen significantly since the beginning of the month, resulting in price stability.
Meanwhile, the Food Ministry has assigned the September monthly quota. According to the update, the quota is reported to be 23.5 lakh tons, 1.5 lakh tons higher than the previous month and 1.5 lakh tons lower than the same month last year.
S-grade sugar costs between Rs 3,830 and Rs 3,890 per quintal in Muzaffarnagar, and Rs 3,610 to Rs 3,660 in Kolhapur. Agrimandi predicts that S-grade sugar prices in the Kolhapur market will range between Rs 3,600 and Rs 3,720 per quintal over the next two weeks.
Ex-mill Sugar Prices as onย ย Aug, 29 2024 :ย
|
State |
S/30ย [Rates per Quintal]ย |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3600 to 3630 |
โน3680 to 3710 |
|
Karnataka |
โน3750 to 3825 |
โน3775 to 3875 |
|
Uttar Pradesh |
|
โน3830 to 3890 |
|
Gujarat |
โน3601 to 3631 |
โน3685 to 3731 |
|
Tamil Nadu |
โน3850 to 3900 |
โน3775 |
|
Madhya Pradesh |
โน3730 to 3770 |
โน3820 to 3860 |
|
Punjab |
โน4000 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as onย ย Aug, 29 2024 :ย
|
Cityย |
Gradeย |
Rateย |
|
Delhi |
M/30 |
โน4,084.50 |
|
Kanpur |
M/30 |
โน4,032.00 |
|
Kolhapur |
M/30 |
โน3,885.00 |
|
Kolkata |
M/30 |
โน4,147.50 |
|
Muzaffarnagar |
M/30 |
โน4,032.00 |
|
Ahmedabad |
M/30 |
โน3,995.25 |
|
Banglore |
M/30 |
โน4,032.00 |
|
Chennai |
M/30 |
โน4,163.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $548.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.56 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.897 whereas USD was trading with BRL at 5.6342, Crude futures traded at โน6400, Crude WTI traded at $76.02 barrel. Sensex closed 349.05 points higher at 82134.61 whereas Nifty closed 34.60 points higher at 25052.35
News Round-Up
ESY 2024-25: Government allows sugar mills and distilleries to produce ethanol from sugarcane juice, B-Heavy Molasses
Anything that goes wrong in Brazil will have a big effect on sugar market: Trade Analyst Julian Price
Government reaffirms commitment to purchasing jute bags for compulsory packaging of food grains and sugar: IJMA on Cabinet approval
