ChiniMandi, Mumbai: 7th June 2024
Domestic Market
Sugar prices reported weak
Domestic sugar prices in the major markets were reported to be weak overall. Prices in Muzaffarnagar and Kolhapur have dropped by Rs.10 per quintal. At current prices, demand is reportedly low, weighing on prices; however, higher quotas than the previous year are said to be keeping prices in check.
Meanwhile, the Indian monsoon has swept across Karnataka, except for parts of Bidar and southern Maharashtra. Conditions are favourable for future movement, with Western Maharashtra expected to be covered by June 10.
In Muzaffarnagar, M-grade sugar costs between Rs 3,850-3,870 per quintal, while in Kolhapur, S-grade sugar costs between Rs 3,590-3,620. 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, 07 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 |
|
₹3850 to 3870 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3820 to 3950 |
₹3885 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, 07 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,100.25 |
|
Kanpur |
M/30 |
₹4,058.25 |
|
Kolhapur |
M/30 |
₹3,895.50 |
|
Kolkata |
M/30 |
₹4,121.25 |
|
Muzaffarnagar |
M/30 |
₹4,058.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $556.50 ton, whereas the New York Sugar #11 front month contract is trading at 19.05 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.411 whereas USD was trading with BRL at 5.2590, Crude futures traded at ₹6351, Crude WTI traded at $76.00 barrel. Sensex closed 1618.85 points higher at 76693.36 whereas Nifty closed 468.75 points higher at 23290.15
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