Firm sentiment witnessed in Domestic sugar prices
Domestic sugar prices in major markets have been reported to rise, particularly in Muzaffarnagar and Kolhapur. Prices in Muzaffarnagar improved by Rs 20 per quintal due to a lower quota than the previous month, while Kolhapur prices increased by Rs 10 per quintal.
Meanwhile, the Food Ministry has allocated 25.50 lakh tons of sugar for the month of June, an increase of 2.0 lakh tons over the same period last year. However, it is 1.50 lakh tons lower than the previous month, as temperatures are expected to cool after the monsoon season begins. Based on the quota, prices are expected to remain range bound for the next month.
In Muzaffarnagar, M-grade sugar costs between Rs 3,900 and Rs 3,920 per quintal, while S-grade sugar costs between Rs 3,590 and Rs 3,630 per quintal in Kolhapur. 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, 28 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 |
|
₹3900 to 3920 |
|
Gujarat |
₹3641 to 3661 |
₹3741 to 3761 |
|
Tamil Nadu |
₹3825 to 3950 |
₹3910 |
|
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, 28 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,147.50 |
|
Kanpur |
M/30 |
₹4,105.50 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,105.50 |
(Above mentioned prices are inclusive of GST)
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $549.90 ton, whereas the New York Sugar #11 front month contract is trading at 18.62 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.176 whereas USD was trading with BRL at 5.1371, Crude WTI traded at $79.28 barrel. Sensex closed 220.05 points lower at 75,170.45 whereas Nifty closed 44.30 points lower at 22,888.15.
