ChiniMandi, Mumbai: 18th June 2024
Domestic Market
Sugar prices reported weak
After remaining stable for the previous 3-4 sessions, domestic sugar prices were reported to be weak across the board. Demand was reported to be low today, as the majority of traders/retailers had covered for the holidays the previous week.
Meanwhile, the Indian monsoon has been stuck in North Maharashtra for the past 7-8 days due to unfavorable conditions for further advancement. However, the monsoon has passed through the majority of the cane-growing regions, and good rains are expected in these areas, which should help to revive cane production.
In Muzaffarnagar, M-grade sugar costs between Rs 3,835 and Rs 3,855 per quintal, while in Kolhapur, S-grade sugar costs between Rs 3,575 and Rs 3,610. Agrimandi predicts that during the course of the next two weeks, the price of S grade sugar in the Kolhapur market will drop to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 18 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3590 to 3630 |
₹3670 to 3710 |
|
Karnataka |
₹3760 to 3775 |
– |
|
Uttar Pradesh |
|
₹3835 to 3855 |
|
Gujarat |
₹3631 to 3651 |
₹3731 to 3751 |
|
Tamil Nadu |
₹3800 to 3900 |
₹3860 to 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, 18 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,079.25 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,879.75 |
|
Kolkata |
M/30 |
₹4,100.25 |
|
Muzaffarnagar |
M/30 |
₹4,037.25 |
|
Ahmedabad |
M/30 |
₹3,984.75 |
|
Banglore |
M/30 |
₹3,995.25 |
|
Chennai |
M/30 |
₹4,105.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $548.90ton, whereas the New York Sugar #11 front month contract is trading at 19.05 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.379 whereas USD was trading with BRL at 5.4140, Crude futures traded at ₹6716, Crude WTI traded at $79.84 barrel. Sensex closed 308.37 points higher at 77301.14 whereas Nifty closed 92.30 points higher at 23557.90
News Round-Up
Appeal to new government to clear pending issues of sugar industry on priority!
Appeal to new government to clear pending issues of sugar industry on priority!
Uttar Pradesh: Sugar mills show improved cane payment performance compared to previous years
Uttar Pradesh: Sugar mills show improved cane payment performance compared to previous years
Severe heat wave conditions persist over parts of Uttar Pradesh, Delhi, Haryana, Chandigarh: Met Department
