ChiniMandi, Mumbai: 22nd May 2024
Domestic Market
Domestic sugar prices stable to higher
Domestic sugar prices in major markets were reported to be stable to higher. Prices increased in Muzaffarnagar, while they remained stable in Kolhapur. Following recent price corrections, demand is reported to be strong. However, the cooling of temperatures and rainfall activity in Southern India, as well as the shorter wedding season, are likely to put pressure on prices in the near term.
In Muzaffarnagar, M-grade sugar costs between Rs 3,880 and Rs 3,900 per quintal, and S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal. Agrimandi forecasts that the price of S grade sugar in the Kolhapur market will fall in the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.
Ex-mill Sugar Prices as on May, 22 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|---|---|---|
|
Maharashtra |
₹3600 to 3630 |
₹3680 to 3710 |
|
Karnataka |
₹3800 to 3900 |
– |
|
Uttar Pradesh |
|
₹3880 to 3900 |
|
Gujarat |
₹3651 to 3671 |
₹3755 to 3791 |
|
Tamil Nadu |
₹3825 to 3960 |
– |
|
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, 22 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,126.50 |
|
Kanpur |
M/30 |
₹4,084.50 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
Muzaffarnagar |
M/30 |
₹4,079.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $544.10 ton, whereas the New York Sugar #11 front month contract is trading at 18.51 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.309 whereas USD was trading with BRL at 5.1228, Crude futures traded at ₹6491, Crude WTI traded at $77.88 barrel. Sensex closed 267.75 points higher at 74221.06 whereas Nifty closed 68.75 points higher at 22597.80
News Round-Up
Ethanol producer BCL Industries announces financial results
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Leading ethanol producer Gulshan Polyols announces financial results
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Diversification: Manufacturing of particleboard from bagasse
