ChiniMandi, Mumbai: 26th April 2024
Domestic Market
Steady sentiment witnessed in Domestic sugar prices
Domestic sugar prices in the major markets reported to be stable amidst dull trading activity. Meanwhile, the Food Ministry has released a quota of 27.0 lakh tons for the month of May 2024, which is 2.0 lakh tons higher than in April 2024 and 3 lakh tons higher than the same month last year. Sugar quota of 27 LMT will be sufficient for the domestic market due to summer demand.
The higher allocation is being done considering the higher demand of sugar in the market due to the prevailing heat wave conditions in several parts of the country. Sugar consumption usually increases during the summer months, as people consume more ice creams, sweet beverages etc. to keep cool. Higher sugar supply will keep sugar prices stable in the market, which had a mild rally in the major markets.
There were reports of much-needed rains in the major cane-growing regions of North Karnataka and West Maharashtra. These rains are likely to help revive crop conditions, as the region was experiencing severe drought and crops were stressed.
According to the Agrimandi, in Muzaffarnagar, M-grade sugar ranged between Rs 3,860 and Rs 3,880 per quintal, whereas S-grade sugar is trading between Rs 3,510 and Rs 3,550.
Ex-mill Sugar Prices as on April, 26 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3520 to 3540 |
₹3600 to 3620 |
|
Karnataka |
₹3800 |
– |
|
Uttar Pradesh |
|
₹3860 to 3880 |
|
Gujarat |
₹3595 to 3630 |
₹3695 to 3740 |
|
Tamil Nadu |
₹3800 to 3950 |
₹3860 |
|
Madhya Pradesh |
₹3700 to 3760 |
₹3780 to 3820 |
|
Punjab |
₹3950 to 4010 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 26 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,105.50 |
|
Kanpur |
M/30 |
₹4,063.50 |
|
Kolhapur |
M/30 |
₹3,822.00 |
|
Kolkata |
M/30 |
₹4,137.00 |
|
Muzaffarnagar |
M/30 |
₹4,058.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $571.60 ton, whereas the New York Sugar #11 front month contract is trading at 19.80 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.358 whereas USD was trading with BRL at 5.1594, Crude futures traded at ₹7007, Crude WTI traded at $84.08 barrel. Sensex closed 609.28 points lower at 73730.16 whereas Nifty ended 150.40 points lower at 22419.95
News Round-Up
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