ChiniMandi, Mumbai: 17th May 2024
Domestic Market
Domestic sugar prices traded lower
Domestic sugar prices in the major markets were reported to be weak due to low demand at current prices. Prices have fallen by Rs 10-20 per quintal across the markets. Furthermore, lower temperatures due to rainfall activity and the early end of the wedding season are weighing on demand, affecting prices.
In Muzaffarnagar, M-grade sugar cost between Rs 3,890 and Rs 3,910 per quintal, while S-grade sugar cost between Rs 3,610 and Rs 3,640. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall to between Rs 3,540 and Rs 3,660 per quintal within the next two weeks.
Ex-mill Sugar Prices as on May, 17 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3650 |
₹3700 to 3730 |
|
Karnataka |
₹3875 to 3900 |
– |
|
Uttar Pradesh |
|
₹3890 to 3910 |
|
Gujarat |
₹3671 to 3691 |
₹3775 to 3811 |
|
Tamil Nadu |
₹3850 to 4000 |
₹3935 to 4050 |
|
Madhya Pradesh |
₹3750 to 3800 |
₹3790 to 3840 |
|
Punjab |
₹4000 to 4080 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 17 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,105.50 |
|
Kolhapur |
M/30 |
₹3,916.50 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,105.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $535.10 ton, whereas the New York Sugar #11 front month contract is trading at 18.17 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.364 whereas USD was trading with BRL at 5.1356, Crude futures traded at ₹6614, Crude WTI traded at $79.25 barrel. Sensex closed 253.31 points higher at 73917.03 whereas Nifty closed 62.25 points higher at 22466.10
News Round-Up
Financial result: Kothari Sugars & Chemicals net profit declines
Financial result: Kothari Sugars & Chemicals net profit declines
Bihar: Amit Shah assures to revive Riga sugar mill
ISMA DG discusses Government-industry collaboration to enhance sugarcane yield and financial stability
