ChiniMandi, Mumbai: 21st May 2024
Domestic Market
Domestic sugar prices remained stable
Domestic sugar prices in major markets were reported to be stable due to strong demand at current prices. Prices have fallen by nearly Rs 50-60 per quintal from their recent highs, sparking strong buying activity. As the next month’s quota is expected to be announced next week, stock liquidation from the allocated quota is weighing on prices.
In Muzaffarnagar, M-grade sugar cost between Rs 3,870 and Rs 3,890 per quintal, while S-grade sugar cost between Rs 3,590 and Rs 3,630 per quintal. 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 May, 21 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|---|---|---|
|
Maharashtra |
₹3610 to 3640 |
₹3690 to 3720 |
|
Karnataka |
₹3850 to 3900 |
– |
|
Uttar Pradesh |
|
₹3870 to 3890 |
|
Gujarat |
₹3651 to 3671 |
₹3755 to 3791 |
|
Tamil Nadu |
₹3850 to 4000 |
₹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, 21 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,116.00 |
|
Kanpur |
M/30 |
₹4,074.00 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,137.00 |
|
Muzaffarnagar |
M/30 |
₹4,068.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $547.90 ton, whereas the New York Sugar #11 front month contract is trading at 18.58 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.311 whereas USD was trading with BRL at 5.1039, Crude futures traded at ₹6512, Crude WTI traded at $77.99 barrel. Sensex closed 52.63 points lower at 73953.31 whereas Nifty closed 27.05 points higher at 22529.05
News Round-Up
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Government asks sugar mills and distilleries to submit complete data
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