ChiniMandi, Mumbai: 6th June 2024
Domestic Market
Sugar prices remained stable to weak
Domestic sugar prices in the major markets were reported to be stable or weak. Prices in Kolhapur remained stable, while those in Muzaffarnagar continued to fall. Prices in Muzaffarnagar dropped by Rs.10 per quintal. At current prices, demand is reportedly low; higher quotas than the previous year are said to be keeping prices under control.
Meanwhile, the Indian monsoon has covered all of Karnataka except for parts of Bidar and Southern Maharashtra. Conditions are favourable for future movement, with Western Maharashtra expected to be covered by June 10.
In Muzaffarnagar, M-grade sugar costs between Rs 3,860 and Rs 3,880 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal in Kolhapur. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall in the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 06 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3600 to 3640 |
₹3680 to 3720 |
|
Karnataka |
₹3800 to 3900 |
– |
|
Uttar Pradesh |
|
₹3860 to 3880 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3815 to 3940 |
₹3900 to 3990 |
|
Madhya Pradesh |
₹3740 to 3780 |
₹3780 to 3810 |
|
Punjab |
₹3990 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 06 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,105.50 |
|
Kanpur |
M/30 |
₹4,063.50 |
|
Kolhapur |
M/30 |
₹3,900.75 |
|
Kolkata |
M/30 |
₹4,126.50 |
|
Muzaffarnagar |
M/30 |
₹4,063.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $562.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.18 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.491 whereas USD was trading with BRL at 5.2998, Crude futures traded at ₹6251, Crude WTI traded at $74.78 barrel. Sensex closed 692.27 points higher at 75074.51 whereas Nifty closed 201.05 points higher at 22821.40
News Round-Up
Cooperation Ministry Secretary holds meeting to discuss various issues raised by NFCSF regarding sugar mills
Despite raising sugarcane farmers issue, Raju Shetti losses Lok Sabha polls
Despite raising sugarcane farmers issue, Raju Shetti loses Lok Sabha polls
PM Modi likely to take oath for third successive term on June 9
PM Modi likely to take oath for third successive term on June 9
