ChiniMandi, Mumbai: 3rd June 2024
Domestic Market
Sugar prices continue to be stable
Domestic sugar prices in major markets are expected to remain stable for the second consecutive session. Demand is said to be dull at current prices, with higher quotas than the previous year keeping prices in check. Furthermore, end users or stockists are remained hand to mouth, which helps to keep prices stable.
Meanwhile, the Indian monsoon has covered the cane-growing regions of Southern Karnataka, making conditions favorable for further development. The entire state of Karnataka is expected to be covered in another 2-3 days, with western Maharashtra on June 10th.
In Muzaffarnagar, M-grade sugar costs between Rs 3,890 and Rs 3,910 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal in Kolhapur. 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, 03 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 |
|
₹3890 to 3910 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3825 to 3950 |
₹3910 |
|
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, 03 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,137.00 |
|
Kanpur |
M/30 |
₹4,095.00 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,158.00 |
|
Muzaffarnagar |
M/30 |
₹4,089.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $549.60 ton, whereas the New York Sugar #11 front month contract is trading at 18.53 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.126 whereas USD was trading with BRL at 5.2552, Crude futures traded at ₹6404, Crude WTI traded at $76.81 barrel. Sensex closed 2507.47 points higher at 76468.78 whereas Nifty closed 733.20 points higher at 23263.90
News Round-Up
18th Lok Sabha: Vijendra Singh presses new Government for higher sugar MSP and assurances on EBP
18th Lok Sabha: Vijendra Singh presses new Government for higher sugar MSP and assurances on EBP
India achieves 12.48 per cent ethanol blending
