ChiniMandi, Mumbai: 4th June 2024
Domestic Market
Sugar prices were stable to weak
On a quiet trading day, domestic sugar prices in the main markets were reported to be weak to stable. Trading activity was reported to be dull as a result of the election results. In Kolhapur, prices were steady, but in Muzaffarnagar, they dropped by Rs. 10 per quintal. At current prices, demand is reportedly stale; higher quotas than the previous year are reportedly keeping prices in check. Moreover, stockists or end users continue to operate on a hand-to-mouth basis, contributing to price stability.
Meanwhile, the Indian monsoon has covered most of Karnataka, making conditions ideal for further development. The entire state of Karnataka is expected to be covered in another 2-3 days, followed by Western Maharashtra on June 10.
In Muzaffarnagar, M-grade sugar costs between Rs 3,880 and Rs 3,900 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal in Kolhapur. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall within the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 04 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 |
|
₹3880 to 3900 |
|
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, 04 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,126.50 |
|
Kanpur |
M/30 |
₹4,084.50 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
Muzaffarnagar |
M/30 |
₹4,079.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $555.40 ton, whereas the New York Sugar #11 front month contract is trading at 18.84 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.471 whereas USD was trading with BRL at 5.2736, Crude futures traded at ₹6106, Crude WTI traded at $73.00 barrel. Sensex closed 4389.73 points lower at 72079.05 whereas Nifty closed 1379.40 points higher at 21884.50
News Round-Up
Season 2023-24: Sugarcane crushing operations near conclusion; sugar production reaches 316.70 LMT
Season 2023-24: Sugarcane crushing operations near conclusion; sugar production reaches 316.70 LMT
Significant step: Launch of state level sugarcane registration portal
Significant step: Launch of state level sugarcane registration portal
Ministry of Agriculture and Farmers Welfare releases third advance estimates of major agricultural crops for year 2023-24
