Mixed Trends in Indian Sugar Market as Maharashtra Prices Decline
The Indian sugar market witnessed mixed trends in domestic prices on July 27th. While Maharashtra saw a decline of Rs 20-30 per quintal, Uttar Pradesh experienced an increase of Rs 20-30 per quintal due to a narrower spread between the two states.
North India's M-grade sugar prices were quoted at ₹4,480, ₹4,550 per quintal in Muzaffarnagar, while S-grade sugar prices in Kolhapur, Maharashtra, were reported at ₹4,340, ₹4,380 per quintal. Ex-mill sugar prices across various states ranged from ₹4,280 to ₹4,600 per quintal.
Internationally, the London White Sugar #The 5 front-month contract traded at $457.10 ton, while the New York Sugar #11 front-month contract was trading at 14.57c/lb. The corn futures market and ethanol Chicago traded at 451-2 and 1.90500s respectively.
The rupee traded against the US dollar at 96.096, with USD trading at 5.0957 against BRL. Crude WTI traded at $84.32 barrel, while Sensex closed 776.01 points up at 76,835.78 and Nifty closed 228.50 points higher at 23,995.95.