ChiniMandi, Mumbai: 23rd May 2024
Domestic Market
Domestic sugar prices traded mixed
Domestic sugar prices in major markets were reported to be mixed, with prices falling in Kolhapur but rising in Muzaffarnagar. Prices rose by Rs 20 per quintal in Muzaffarnagar, but fell by Rs 10 in Kolhapur. Following recent price corrections, demand in Uttar Pradesh is reported to be strong, supporting prices. Stock liquidation, as the next month’s quota is expected to be announced early next week, is weighing on prices.
In Muzaffarnagar, M-grade sugar costs between Rs 3,900 and Rs 3,920 per quintal, while S-grade sugar costs between Rs 3,580 and Rs 3,620 per quintal in Kolhapur. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall within the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on May, 23 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|---|---|---|
|
Maharashtra |
₹3600 to 3630 |
₹3680 to 3710 |
|
Karnataka |
₹3800 to 3900 |
– |
|
Uttar Pradesh |
– |
₹3880 to 3900 |
|
Gujarat |
₹3631 to 3651 |
₹3741 to 3761 |
|
Tamil Nadu |
₹3825 to 3950 |
₹3910 |
|
Madhya Pradesh |
₹3750 to 3800 |
₹3790 to 3840 |
|
Punjab |
₹4000 to 4080 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 23 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,105.50 |
|
Kolhapur |
M/30 |
₹3,895.50 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,105.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $550.90 ton, whereas the New York Sugar #11 front month contract is trading at 18.56 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.239 whereas USD was trading with BRL at 5.1365, Crude futures traded at ₹6515, Crude WTI traded at $78.17 barrel. Sensex closed 1196.98 points higher at 75418.04 whereas Nifty closed 369.85 points higher at 22967.65
News Round-Up
Rajshree Sugars announces financial results
Only 7 per cent of sugar produced during the season has been packed in jute bags
Only 7 per cent of sugar produced during the season has been packed in jute bags
Uttam Sugar pushes for increased sugar MSP amid rising sugarcane FRP
Uttam Sugar pushes for increased sugar MSP amid rising sugarcane FRP
