ChiniMandi, Mumbai: 03rd May 2024
Domestic Market
Firm sentiment continued in Domestic sugar prices
Domestic sugar prices in the major markets continue to rise on expected increase of 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 20-25 per quintal in Uttar Pradesh and Rs 10 per quintal in Maharashtra. There were reports of good demand in the first half while reported to be dull in the evening.
In Muzaffarnagar, M-grade sugar cost between Rs 3,940 and Rs 3,960 per quintal, while S-grade sugar cost between Rs 3,620 and Rs 3,640 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, 03 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3660 |
₹3700 to 3740 |
|
Karnataka |
₹3900 |
– |
|
Uttar Pradesh |
|
₹3940 to 3960 |
|
Gujarat |
₹3651 to 3681 |
₹3751 to 3791 |
|
Tamil Nadu |
₹3875 to 4000 |
₹3940 |
|
Madhya Pradesh |
₹3750 to 3820 |
₹3760 to 3860 |
|
Punjab |
₹4040 to 4120 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 03 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,189.50 |
|
Kanpur |
M/30 |
₹4,147.50 |
|
Kolhapur |
M/30 |
₹3,927.00 |
|
Kolkata |
M/30 |
₹4,210.50 |
|
Muzaffarnagar |
M/30 |
₹4,147.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $574.50 ton, whereas the New York Sugar #11 front month contract is trading at 19.39 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.458 whereas USD was trading with BRL at 5.1110, Crude futures traded at ₹6619, Crude WTI traded at $79.20 barrel. Sensex closed 732.96 points lower at 73878.15 whereas Nifty ended 172.35 points lower at 22475.85
News Round-Up
Sugar prices rise by Rs 200 per quintal across major markets; SEIC 2024 predicted sugar price surge in February
Telangana govt releases Rs 43 crore to reopen sugar mills: Media report
Telangana govt releases Rs 43 crore to reopen sugar mills: Media report
Sensex ends 733 points lower, Nifty below 22,500
