ChiniMandi, Mumbai: 15th April 2024
Domestic Market
Domestic sugar prices traded higher
Domestic sugar prices in the major markets were reported to be higher on good demand. Furthermore, mill closures supported the price rally. Prices have increased by Rs 20-30 per quintal in the major markets.
IMD forecasts the Indian monsoon at 106% for the coming season. These rains are helpful for better cane development and yields are likely to improve in the coming season. Moreover, good rains in the coming season is expected increase acreage under cane significantly.
In Muzaffarnagar, M-grade sugar is priced between Rs 3,800 and Rs 3,830 per quintal, while S-grade sugar is expected to cost between Rs 3,470 and Rs 3,510. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,450 and Rs 3,550 per quintal within the next two weeks.
Ex-mill Sugar Prices as on April, 15 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3510 to 3530 |
₹3590 to 3620 |
|
Karnataka |
₹3710 to 3715 |
– |
|
Uttar Pradesh |
|
₹3800 to 3830 |
|
Gujarat |
₹3535 to 3560 |
₹3635 to 3670 |
|
Tamil Nadu |
₹3715 to 3840 |
₹3775 |
|
Madhya Pradesh |
₹3600 to 3610 |
₹3650 to 3660 |
|
Punjab |
₹3825 to 3860 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 15 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,063.50 |
|
Kanpur |
M/30 |
₹4,011.00 |
|
Kolhapur |
M/30 |
₹3,790.50 |
|
Kolkata |
M/30 |
₹4,042.50 |
|
Muzaffarnagar |
M/30 |
₹4,000.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $630.10 ton, whereas the New York Sugar #11 front month contract is trading at 20.51 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.440 whereas USD was trading with BRL at 5.1149, Crude futures traded at ₹7103, Crude WTI traded at $85.00 barrel. Sensex closed 845.12 points lower at 73399.78 whereas Nifty ended 246.90 points lower at 22272.50
News Round-Up
Government not considering sugar exports this season: Media report
Government not considering sugar exports this season: Media report
Innovation and diversification in sugar industry: Bagasse utilization beyond fuel
Innovation and diversification in sugar industry: Bagasse utilization beyond fuel
AIDA writes to IOCL to release PRC penalty amid stoppage of FCI rice for ethanol production
AIDA writes to IOCL to release PRC penalty amid stoppage of FCI rice for ethanol production
