ChiniMandi, Mumbai: 19th June 2024
Domestic Market
Sugar prices reported to be higher
After remaining weak for a session, domestic sugar prices were reported to be firm across the board. Prices are said to be up by Rs 10-20 per quintal. Demand was reported to be high today, as there are rumors that the government may allow exports and make important decisions regarding ethanol production.
Meanwhile, the Indian monsoon has been stuck in North Maharashtra for the past few days due to unfavorable conditions for continued 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 boost cane production.
M-grade sugar in Muzaffarnagar costs between Rs 3,850 and Rs 3,870 per quintal, whereas S-grade sugar in Kolhapur costs between Rs 3,580 and Rs 3,620. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall between Rs 3,540 and Rs 3,660 per quintal over the next two weeks.
Ex-mill Sugar Prices as on June, 19 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3620 |
₹3660 to 3700 |
|
Karnataka |
₹3760 to 3775 |
– |
|
Uttar Pradesh |
|
₹3855 to 3875 |
|
Gujarat |
₹3611 to 3631 |
₹3711 to 3731 |
|
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, 19 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,105.50 |
|
Kanpur |
M/30 |
₹4,063.50 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,126.50 |
|
Muzaffarnagar |
M/30 |
₹4,063.50 |
|
Ahmedabad |
M/30 |
₹3,995.25 |
|
Banglore |
M/30 |
₹4,000.50 |
|
Chennai |
M/30 |
₹4,116.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $552.90 ton, whereas the New York Sugar #11 front month contract is trading at 18.92 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.416 whereas USD was trading with BRL at 5.4525, Crude futures traded at ₹6757, Crude WTI traded at $81.04 barrel. Sensex closed 36.45 points higher at 77337.59 whereas Nifty closed 41.90 points lower at 23516.00
News Round-Up
Ethanol boost: Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas
Rainfall update: IMD revises June rainfall forecast to ‘below normal’
Rainfall update: IMD revises June rainfall forecast to ‘below normal’
Sharad Pawar demands relaxation on ethanol blending limit and lifting ban on sugar exports
Sharad Pawar demands relaxation on ethanol blending limit and lifting ban on sugar exports
