ChiniMandi, Mumbai: 09th May 2024
Domestic Market
Domestic sugar prices were traded lower
Domestic sugar prices in the major markets were reported to be lower as demand for higher prices remained low. At higher price points, demand is expected to be dull. Prices had risen sharply the week before, following news of an increase in sugar MSP.
In Muzaffarnagar, M-grade sugar costs between Rs 3,910 and Rs 3,930 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,620. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall to between Rs 3,520 and Rs 3,660 per quintal within the next two weeks.
Ex-mill Sugar Prices as on May, 09 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3600 to 3640 |
₹3680 to 3720 |
|
Karnataka |
₹3900 |
– |
|
Uttar Pradesh |
|
₹3910 to 3930 |
|
Gujarat |
₹3651 to 3671 |
₹3755 to 3791 |
|
Tamil Nadu |
₹3875 to 4000 |
₹3940 to 4050 |
|
Madhya Pradesh |
₹3750 to 3800 |
₹3790 to 3840 |
|
Punjab |
₹4000 to 4080 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 09 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,158.00 |
|
Kanpur |
M/30 |
₹4,116.00 |
|
Kolhapur |
M/30 |
₹3,895.50 |
|
Kolkata |
M/30 |
₹4,179.00 |
|
Muzaffarnagar |
M/30 |
₹4,116.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $578.50 ton, whereas the New York Sugar #11 front month contract is trading at 19.69 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.495 whereas USD was trading with BRL at 5.1480, Crude futures traded at ₹6647, Crude WTI traded at $79.50 barrel. Sensex closed 1062.22 points lower at 72404.17 whereas Nifty closed 345.00 points lower at 21957.50
News Round-Up
Sugar industry seeks policy interventions to meet 20 per cent ethanol blending target
Sugar industry seeks policy interventions to meet 20 per cent ethanol blending target
Global sugar market heading to small surplus in 2024-25 season: Datagro
Global sugar market heading to small surplus in 2024-25 season: Datagro
Increased demand for ethanol will change the agro-economy of country: Nitin Gadkari
Increased demand for ethanol will change the agro-economy of country: Nitin Gadkari
