ChiniMandi, Mumbai: 10th June 2024
Domestic Market
Sugar prices traded stable
After a weak session, domestic sugar prices in major markets were reported to be stable on the back of subdued demand. At current prices, demand is reportedly low, weighing on prices; moreover, higher quotas than the previous year are said to be keeping prices under control.
Meanwhile, the Indian monsoon has covered most of western Maharashtra, and conditions are favourable for further advancement. These rains are expected to improve the standing crop.
In Muzaffarnagar, M-grade sugar ranges between Rs 3,840-3,860 per quintal, whereas S-grade sugar in Kolhapur ranges between Rs 3,580-3,620. 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, 10 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 |
|
₹3840 to 3860 |
|
Gujarat |
₹3651 to 3671 |
₹3751 to 3771 |
|
Tamil Nadu |
₹3820 to 3950 |
₹3895 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, 10 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,105.50 |
|
Muzaffarnagar |
M/30 |
₹4,042.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $559.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.21 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.484 whereas USD was trading with BRL at 5.3242, Crude futures traded at ₹6378, Crude WTI traded at $76.33 barrel. Sensex closed 203.28 points lower at 76490.08 whereas Nifty closed 30.95 points lower at 23259.20
News Round-Up
Sugar industry seeks urgent MSP revision and long-term ethanol policy from new Government
Sugar industry seeks urgent MSP revision and long-term ethanol policy from new Government
World Sugar Market – Weekly Comment – Episode 137
IMD issues Orange alert for heavy rains in Mumbai, other districts of Maharashtra for next 24 hours
IMD issues Orange alert for heavy rains in Mumbai, other districts of Maharashtra for next 24 hours
