ChiniMandi, Mumbai: 23rd April 2024
Domestic Market
Domestic sugar prices continue to fall
Domestic sugar prices in the major markets were reported to be weak for the third session after a sharp rise during the last week. However, the price drop is smaller than the rise we saw last week. In the last three sessions, prices have dropped by Rs 30 per quintal. Prices are trading up by Rs 150 per quintal from the bottom due to low quota availability and high demand.
In Muzaffarnagar, M-grade sugar range between Rs 3,860 and Rs 3,890 per quintal, while S-grade sugar range between Rs 3,530 and Rs 3,570. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,460 and Rs 3,580 per quintal within the next two weeks.
Ex-mill Sugar Prices as on April, 23 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3530 to 3570 |
₹3610 to 3650 |
|
Karnataka |
₹3800 |
– |
|
Uttar Pradesh |
|
₹3870 to 3890 |
|
Gujarat |
₹3605 to 3640 |
₹3705 to 3750 |
|
Tamil Nadu |
₹3800 to 3950 |
– |
|
Madhya Pradesh |
₹3660 to 3700 |
₹3700 to 3760 |
|
Punjab |
₹3980 to 4030 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 23 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,116.00 |
|
Kanpur |
M/30 |
₹4,074.00 |
|
Kolhapur |
M/30 |
₹3,832.50 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
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 $575.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.95 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.341 whereas USD was trading with BRL at 5.1674, Crude futures traded at ₹6789, Crude WTI traded at $81.47 barrel. Sensex closed 89.83 points higher at 73738.45 whereas Nifty ended 31.60 points higher at 22368.00
News Round-Up
Government set to allow sugar mills to produce ethanol from existing B Heavy Molasses stock
Government set to allow sugar mills to produce ethanol from existing B Heavy Molasses stock
Sugar consumption surge in India positive for the industry; further growth in rural markets expected: Tarun Sawhney
Adequate irrigation of sugarcane crop is necessary
