ChiniMandi, Mumbai: 27th June 2024
Domestic Market
Sugar prices traded higher
After remaining stable for a session, domestic sugar prices were reported to be up by Rs 10 per quintal across markets. Rumours of an increase in sugar MSP have led to a partial recovery in prices. Demand was reported to be strong, as prices had moderately corrected in recent weeks.
M-grade sugar in Muzaffarnagar is priced between Rs 3,845 and Rs 3,865 per quintal, while S-grade sugar in Kolhapur ranges between Rs 3,580 and Rs 3,620. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall between Rs 3,540 and Rs 3,660 per quintal over the next two weeks.
Ex-mill Sugar Prices as on June, 27 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3610 |
₹3660 to 3690 |
|
Karnataka |
₹3760 |
– |
|
Uttar Pradesh |
|
₹3845 to 3865 |
|
Gujarat |
₹3605 to 3641 |
₹3705 to 3731 |
|
Tamil Nadu |
₹3795 to 3850 |
– |
|
Madhya Pradesh |
₹3720 to 3780 |
₹3750 to 3800 |
|
Punjab |
₹3975 to 4060 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 27 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,089.75 |
|
Kanpur |
M/30 |
₹4,047.75 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,110.75 |
|
Muzaffarnagar |
M/30 |
₹4,047.75 |
|
Ahmedabad |
M/30 |
₹3,979.50 |
|
Banglore |
M/30 |
₹3,974.25 |
|
Chennai |
M/30 |
₹4,089.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $583.90 ton, whereas the New York Sugar #11 front month contract is trading at 19.76 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.441 whereas USD was trading with BRL at 5.4919, Crude futures traded at ₹6795, Crude WTI traded at $81.38 barrel. Sensex closed 568.93 points higher at 79243.18 whereas Nifty closed 175.70 points higher at 24044.50
News Round-Up
ISMA leadership meets Union Minister Nitin Gadkari to seek support in addressing sugar industry challenges
India allows imports of corn under tariff-rate quota
Heavy rains lash Kerala; schools, colleges to remain closed in six districts
