ChiniMandi, Mumbai: 13th June 2024
Domestic Market
Sugar prices have recovered from lower levels.
Domestic sugar prices in major markets are reported to be higher due to strong buying from lower levels. Prices increased by Rs 20 per quintal in Muzaffarnagar, while in Kolhapur, prices rose by Rs 10 per quintal. Demand was reported to be very strong at lower price levels, which boosted prices in Uttar Pradesh.
Meanwhile, the Indian monsoon has covered the majority of Maharashtra’s cane-growing regions, and conditions are favorable for further development. These rains are expected to benefit the standing crop. Monsoon movement is 5-6 days earlier than normal.
M-grade sugar in Muzaffarnagar ranges from Rs 3,840 to 3,860 per quintal, while S-grade sugar in Kolhapur costs between Rs 3,580 and 3,620. Agrimandi forecasts that the price of S grade sugar in the Kolhapur market will fall in the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 13 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3620 |
₹3660 to 3700 |
|
Karnataka |
₹3760 to 3780 |
– |
|
Uttar Pradesh |
|
₹3840 to 3860 |
|
Gujarat |
₹3631 to 3651 |
₹3731 to 3751 |
|
Tamil Nadu |
₹3800 to 3925 |
₹4000 |
|
Madhya Pradesh |
₹3720 to 3780 |
₹3750 to 3800 |
|
Punjab |
₹3975 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 13 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,047.75 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,105.50 |
|
Muzaffarnagar |
M/30 |
₹4,042.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $556.10 ton, whereas the New York Sugar #11 front month contract is trading at 19.09 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.570 whereas USD was trading with BRL at 5.3858, Crude futures traded at ₹6505, Crude WTI traded at $77.81 barrel. Sensex closed 204.33 points higher at 76810.90 whereas Nifty closed 75.95 points higher at 23398.90
News Round-Up
Uttar Pradesh: Prompt payment is being ensured to sugarcane farmers, says minister
Uttar Pradesh: Prompt payment is being ensured to sugarcane farmers, says minister
NRL’s biorefinery to start ethanol production by July-August: Media report
NRL’s biorefinery to start ethanol production by July-August: Media report
Centre keeping close watch over market price of Wheat
