ChiniMandi, Mumbai: 24th May 2024
Domestic Market
Steady to weak sentiment witnessed in Domestic sugar prices
Domestic sugar prices in major markets were reported to be mixed, falling in Muzaffarnagar but remaining stable in Kolhapur. Prices fell by Rs 10 per quintal in Muzaffarnagar, following a rise yesterday. Stock liquidation, with the next month’s quota expected to be announced early next week, is weighing on prices. Allocation for the month of June is expected to be around 25.0 lakh tons, up 1.5 lakh tons from the same period last year.
In Muzaffarnagar, M-grade sugar costs between Rs 3,890 and Rs 3,910 per quintal, while S-grade sugar costs between Rs 3,580 and Rs 3,620 per quintal in Kolhapur. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall within the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on May, 24 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 |
– |
₹3890 to 3910 |
|
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, 24 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,137.00 |
|
Kanpur |
M/30 |
₹4,095.00 |
|
Kolhapur |
M/30 |
₹3,895.50 |
|
Kolkata |
M/30 |
₹4,158.00 |
|
Muzaffarnagar |
M/30 |
₹4,095.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $537.60 ton, whereas the New York Sugar #11 front month contract is trading at 18.15 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.127 whereas USD was trading with BRL at 5.1363, Crude futures traded at ₹6394, Crude WTI traded at $76.81 barrel. Sensex closed 7.65 points lower at 75410.39 whereas Nifty closed 10.55 points lower at 22957.10
News Round-Up
EID Parry announces financial results; increase in PAT
Bannari Amman Sugars announces financial results; net profit declines in March 2024 quarter
Bannari Amman Sugars announces financial results; net profit declines in March 2024 quarter
