ChiniMandi, Mumbai: 5th June 2024
Domestic Market
Sugar prices were stable to weak
Domestic sugar prices in the major markets were reported to be low to stable. Prices in Kolhapur remained steady, but in Muzaffarnagar, they fell by Rs. 10 per quintal. At current prices, demand is reportedly low; higher quotas than the previous year are reportedly keeping prices under control.
Meanwhile, the Indian monsoon has covered the majority of Karnataka, conditions are favourable for future development. The entire state of Karnataka is expected to be covered in another 1-2 days, with Western Maharashtra by June 10.
In Muzaffarnagar, M-grade sugar costs between Rs 3,870 and Rs 3,890 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal in Kolhapur. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall within the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 05 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 |
|
₹3870 to 3890 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3815 to 3940 |
₹3900 to 3990 |
|
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, 05 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,116.00 |
|
Kanpur |
M/30 |
₹4,074.00 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,137.00 |
|
Muzaffarnagar |
M/30 |
₹4,074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $552.80 ton, whereas the New York Sugar #11 front month contract is trading at 18.75 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.441 whereas USD was trading with BRL at 5.2724, Crude futures traded at ₹6157, Crude WTI traded at $73.66 barrel. Sensex closed 2303.19 points higher at 74382.24 whereas Nifty closed 735.85 points higher at 22620.35
News Round-Up
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