ChiniMandi, Mumbai: 18th April 2024
Domestic Market
Domestic sugar prices continue to surge
Domestic sugar prices in the major markets are expected to rise due to high demand and a limited quota for millers. According to the market update, 90% of the quota has already been exhausted, resulting in a sharp rise in prices. Furthermore, mill closures aided the price rally. Prices have risen by Rs 30-50 per quintal in the major markets. Following the recent price rally, the Food Ministry may allow an additional quota of 2.0-3.0 lakh tons in the coming days.
In Muzaffarnagar, M-grade sugar costs between Rs 3,890 and Rs 3,920 per quintal, while S-grade sugar is expected to cost between Rs 3,550 and Rs 3,600. Agrimandi expects the price of S grade sugar in the Kolhapur market to drop to between Rs 3,450 and Rs 3,580 per quintal within the next two weeks.
Ex-mill Sugar Prices as on April, 18 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3530 to 3570 |
₹3610 to 3650 |
|
Karnataka |
₹3800 |
– |
|
Uttar Pradesh |
|
₹3890 to 3920 |
|
Gujarat |
₹3595 to 3630 |
₹3695 to 3740 |
|
Tamil Nadu |
₹3780 to 3950 |
₹3885 |
|
Madhya Pradesh |
₹3630 to 3670 |
₹3670 to 3730 |
|
Punjab |
₹3870 to 4000 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 18 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,105.50 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,179.00 |
|
Muzaffarnagar |
M/30 |
₹4,100.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $565.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.58 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.517 whereas USD was trading with BRL at 5.2386, Crude futures traded at ₹6866, Crude WTI traded at $82.16 barrel. Sensex closed 454.69 points lower at 72488.99 whereas Nifty ended 152.05 points lower at 21995.85
News Round-Up
Artificial Intelligence should be used for sugarcane crop estimation: SISMA (TN) President
Artificial Intelligence should be used for sugarcane crop estimation: SISMA (TN) President
FSSAI examining Nestle sugar case: Report
Fiji: Sugarcane price may increase to $95 per tonne this season
Fiji: Sugarcane price may increase to $95 per tonne this season
