ChiniMandi, Mumbai: 24th June 2024
Domestic Market
Sugar prices traded lower
After a stable session, domestic sugar prices continued their downtrend on dull demand. Demand was reported to be dull, putting pressure on prices. Meanwhile, the Indian monsoon has further advanced and covered most of Madhya Pradesh but yet to reach cane growing regions of Uttar Pradesh, and conditions are favorable for further progress. Monsoon rains were reported to be higher by 63%, 21%, and 40% in North Karnataka, West Maharashtra, and Marathwada, respectively.
In Muzaffarnagar, M-grade sugar trade between Rs 3,840 and Rs 3,860 per quintal, while S-grade sugar in Kolhapur ranges between Rs 3,570 and Rs 3,610. 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, 24 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3570 to 3610 |
₹3650 to 3690 |
|
Karnataka |
₹3740 to 3750 |
– |
|
Uttar Pradesh |
|
₹3840 to 3860 |
|
Gujarat |
₹3605 to 3641 |
₹3705 to 3731 |
|
Tamil Nadu |
₹3785 to 3850 |
₹3845 |
|
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, 24 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,853.50 |
|
Kolkata |
M/30 |
₹4,105.50 |
|
Muzaffarnagar |
M/30 |
₹4,042.50 |
|
Ahmedabad |
M/30 |
₹3,969.00 |
|
Banglore |
M/30 |
₹3,969.00 |
|
Chennai |
M/30 |
₹4,084.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $558.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.00 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.475 whereas USD was trading with BRL at 5.4302, Crude futures traded at ₹6765, Crude WTI traded at $80.95 barrel. Sensex closed 131.18 points higher at 77341.08 whereas Nifty closed 36.75 points higher at 23537.85
News Round-Up
No proposal to review restrictions on sugar exports: Sanjeev Chopra
No proposal to review restrictions on sugar exports: Sanjeev Chopra
Sugarcane production can be increased at low cost by using AI: Sharad Pawar
Sugarcane production can be increased at low cost by using AI: Sharad Pawar
