ChiniMandi, Mumbai: 12th June 2024
Domestic Market
Sugar prices continued to trade lower
Domestic sugar prices in major markets continued to trade low due to low demand. Prices dropped by Rs 10 per quintal in Muzaffarnagar and Rs 5 per quintal in Kolhapur. At current prices, demand is reportedly low, putting pressure on prices; additionally, higher quotas than the previous year are said to be keeping prices in check.
Meanwhile, the Indian monsoon has covered most of the cane growing regions of 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 from Rs 3,820 to 3,840 per quintal, while S-grade sugar in Kolhapur ranges from Rs 3,575 to 3,610. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall in the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on June, 12 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3620 |
₹3660 to 3700 |
|
Karnataka |
₹3760 to 3780 |
– |
|
Uttar Pradesh |
|
₹3820 to 3840 |
|
Gujarat |
₹3631 to 3651 |
₹3731 to 3751 |
|
Tamil Nadu |
₹3800 to 3925 |
₹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, 12 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,063.50 |
|
Kanpur |
M/30 |
₹4,021.50 |
|
Kolhapur |
M/30 |
₹3,879.75 |
|
Kolkata |
M/30 |
₹4,084.50 |
|
Muzaffarnagar |
M/30 |
₹4,021.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $552.40 ton, whereas the New York Sugar #11 front month contract is trading at 19.07 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.472 whereas USD was trading with BRL at 5.3474, Crude futures traded at ₹6601, Crude WTI traded at $79.08 barrel. Sensex closed 149.98 points higher at 76606.57 whereas Nifty closed 58.10 points higher at 23322.95
News Round-Up
New leadership at AIDA: Shekhar Swarup takes over as the new President
New leadership at AIDA: Shekhar Swarup takes over as the new President
Godavari Biorefineries Ltd. unveils new specialty biochemical plant in Maharashtra
Godavari Biorefineries Ltd. unveils new specialty biochemical plant in Maharashtra
Retail inflation eases to 4.75 % in May, downward trend continues
Retail inflation eases to 4.75 % in May, downward trend continues
