ChiniMandi, Mumbai: 16th April 2024
Domestic Market
Domestic sugar prices continue to surge
Domestic sugar prices in the major markets were reported to be higher due to strong demand and a limited quota available to millers. Furthermore, mill closures supported the price rally. Prices have risen by Rs 40-50 per quintal in the major markets. According to the most recent update, Maharashtra mills have produced 10.91 MMT of sugar, with 18 mills operational.
ISMA released fortnightly sugar production figures as of April 15th. According to the latest update, Indian mills produced around 31.1 MMT of sugar, compared to 31.24 MMT the previous year. There are 84 mills operating now, compared to 132 mills last year. Mill closure is faster in Uttar Pradesh than expected.
The IMD predicts a 106% Indian monsoon for the upcoming season. These rains are beneficial for cane development, and yields are expected to improve in the coming season. Furthermore, good rains in the coming season are expected to increase cane acreage significantly.
In Muzaffarnagar, M-grade sugar costs between Rs 3,850 and Rs 3,880 per quintal, while S-grade sugar is expected to cost between Rs 3,500 and Rs 3,550. Agrimandi anticipates that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,450 and Rs 3,580 per quintal within the next two weeks.
Ex-mill Sugar Prices as on April, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3520 to 3540 |
₹3590 to 3630 |
|
Karnataka |
₹3720 to 3725 |
– |
|
Uttar Pradesh |
|
₹3850 to 3880 |
|
Gujarat |
₹3555 to 3590 |
₹3655 to 3700 |
|
Tamil Nadu |
₹3755 to 3800 |
₹3830 |
|
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, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,105.50 |
|
Kanpur |
M/30 |
₹4,053.00 |
|
Kolhapur |
M/30 |
₹3,822.00 |
|
Kolkata |
M/30 |
₹4,084.50 |
|
Muzaffarnagar |
M/30 |
₹4,053.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $570.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.55 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.624 whereas USD was trading with BRL at 5.1851, Crude futures traded at ₹7108, Crude WTI traded at $84.94 barrel. Sensex closed 456.10 points lower at 72943.68 whereas Nifty ended 124.60 points lower at 22147.90
News Round-Up
Season 2023-24: Latest sugar production updates by ISMA till April 15
Season 2023-24: Latest sugar production updates by ISMA till April 15
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Sugar will continue to be diverted for ethanol, says food secretary: Media report
