ChiniMandi, Mumbai: 02nd May 2024
Domestic Market
Domestic sugar prices surged sharply
Domestic sugar prices in the major markets rose sharply on reports of increased sugar MSP. According to market sources, there are rumours of increasing sugar MSP to Rs 35 per kg from the current levels of Rs 31 per kg, which has fueled the spot market rally. Prices have risen by Rs 90-100 per quintal, while in Uttar Pradesh they have risen by Rs 40-50 per quintal.
Solapur’s mills have liquidated aggressively since the beginning of the season, so there is no sugar available. Furthermore, many mills within the allotted monthly quota do not have sugar, resulting in a sharp increase in prices.
In Muzaffarnagar, M-grade sugar cost between Rs 3,920 and Rs 3,940 per quintal, while S-grade sugar cost between Rs 3,600 and Rs 3,630 per quintal. Agrimandi anticipates that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,520 and Rs 3,660 per quintal within the next two weeks.
Ex-mill Sugar Prices as on May, 02 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3660 |
₹3700 to 3740 |
|
Karnataka |
₹3820 to 3825 |
– |
|
Uttar Pradesh |
|
₹3920 to 3940 |
|
Gujarat |
₹3621 to 3651 |
₹3721 to 3761 |
|
Tamil Nadu |
₹3845 to 3940 |
₹3990 |
|
Madhya Pradesh |
₹3720 to 3760 |
₹3780 to 3820 |
|
Punjab |
₹3950 to 4010 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 02 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,168.50 |
|
Kanpur |
M/30 |
₹4,126.50 |
|
Kolhapur |
M/30 |
₹3,916.50 |
|
Kolkata |
M/30 |
₹4,189.50 |
|
Muzaffarnagar |
M/30 |
₹4,126.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $569.70 ton, whereas the New York Sugar #11 front month contract is trading at 19.25 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.484 whereas USD was trading with BRL at 5.1366, Crude futures traded at ₹6658, Crude WTI traded at $79.65 barrel. Sensex closed 128.33 points higher at 74611.11 whereas Nifty ended 43.35 points higher at 22648.20
News Round-Up
Thailand sugar production outlook grim amid heatwave; Brazil sugar seen at 41-42 MMT in 2024-25: Michael McDougall
Uttar Pradesh registers 1 per cent increase in average sugar recovery rate
Uttar Pradesh registers 1 per cent increase in average sugar recovery rate
International sugar prices likely to rise in short term: Robin Shaw
International sugar prices likely to rise in short term: Robin Shaw
