ChiniMandi, Mumbai: 11th June 2024
Domestic Market
Sugar prices started to fall again
Domestic sugar prices in major markets were reported to be stable to weak following a stable session, owing to low demand. Prices fell by Rs 10 per quintal, while the Kolhapur quotation remained stable. At current prices, demand is reportedly low, putting pressure on prices; additionally, higher quotas than the previous year are said to be keeping prices under control.
Meanwhile, the Indian monsoon has covered western Maharashtra, and conditions are favorable for further advancement. These rains are expected to improve the standing crop. Monsoon movement is 5-6 days earlier than normal.
M-grade sugar in Muzaffarnagar ranges between Rs 3,830-3,850 per quintal, while S-grade sugar in Kolhapur ranges between Rs 3,580-3,620. 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, 11 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3590 to 3630 |
₹3670 to 3710 |
|
Karnataka |
₹3760 to 3775 |
– |
|
Uttar Pradesh |
|
₹3830 to 3850 |
|
Gujarat |
₹3631 to 3651 |
₹3731 to 3751 |
|
Tamil Nadu |
₹3800 to 3945 |
₹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, 11 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,074.00 |
|
Kanpur |
M/30 |
₹4,032.00 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,095.00 |
|
Muzaffarnagar |
M/30 |
₹4,032.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $550.30 ton, whereas the New York Sugar #11 front month contract is trading at 18.85 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.582 whereas USD was trading with BRL at 5.3552, Crude futures traded at ₹6500, Crude WTI traded at $77.75 barrel. Sensex closed 33.49 points lower at 76456.59 whereas Nifty closed 5.65 points higher at 23264.85
News Round-Up
Food and Consumer Affairs Minister Pralhad Joshi affirms commitment to ensuring food security for the people of India
I am reasonably confident that 20 per cent ethanol blending target will be completed by 2025: Hardeep Singh Puri
Sugar and ethanol data accuracy: Government decides to connect all sugar mills’ ERP systems with NSWS portal using APIs
