ChiniMandi, Mumbai: 08th May 2024
Domestic Market
Domestic sugar prices were stable
Domestic sugar prices in the major markets were reported to have stabilized following a weak session. Demand is thought to be dull at higher price points. Prices had risen sharply the previous week, following news of an increase in sugar MSP.
In Muzaffarnagar, M-grade sugar costs between Rs 3,920 and Rs 3,950 per quintal, whereas S-grade sugar costs between Rs 3,600 and Rs 3,630. 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, 08 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3600 to 3650 |
₹3680 to 3730 |
|
Karnataka |
₹3900 |
– |
|
Uttar Pradesh |
|
₹3920 to 3940 |
|
Gujarat |
₹3651 to 3671 |
₹3755 to 3791 |
|
Tamil Nadu |
₹3875 to 4000 |
₹3950 to 4050 |
|
Madhya Pradesh |
₹3790 to 3800 |
₹3830 to 3840 |
|
Punjab |
₹4000 to 4080 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 08 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,168.50 |
|
Kanpur |
M/30 |
₹4,126.50 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
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 $574.10 ton, whereas the New York Sugar #11 front month contract is trading at 19.53 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.499 whereas USD was trading with BRL at 5.0901, Crude futures traded at ₹6476, Crude WTI traded at $77.38 barrel. Sensex closed 45.46 points lower at 73466.39 whereas Nifty ended stable at 22302.50
News Round-Up
Sweet success: Triveni’s contribution to high-yielding sugarcane varieties
Sweet success: Triveni’s contribution to high-yielding sugarcane varieties
Another year of tightness in global sugar S&D likely, analyst Julian Price opines
Another year of tightness in global sugar S&D likely, analyst Julian Price opines
Centre not considering lifting ban on sugar exports
