ChiniMandi, Mumbai: 29th April 2024
Domestic Market
Steady sentiment reported in Domestic sugar prices
Domestic sugar prices in the major markets are expected to remain stable despite the increased monthly quota. Demand is reported to be subdued at current price levels. The Food Ministry has set a quota of 27.0 lakh tons for May 2024, which is 2.0 lakh tons more than in April 2024 and 3.0 lakh tons more than in May 2023. A sharply higher quota is expected to weigh on prices in the coming days.
In Muzaffarnagar, M-grade sugar ranged between Rs 3,860 and Rs 3,880 per quintal, while S-grade sugar ranged between Rs 3,500 and Rs 3,540. 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, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3515 to 3535 |
₹3595 to 3615 |
|
Karnataka |
₹3800 |
– |
|
Uttar Pradesh |
|
₹3860 to 3880 |
|
Gujarat |
₹3585 to 3620 |
₹3685 to 3730 |
|
Tamil Nadu |
₹3800 to 3850 |
₹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, 29 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,100.25 |
|
Kanpur |
M/30 |
₹4,058.25 |
|
Kolhapur |
M/30 |
₹3,811.50 |
|
Kolkata |
M/30 |
₹4,126.50 |
|
Muzaffarnagar |
M/30 |
₹4,053.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $566.30 ton, whereas the New York Sugar #11 front month contract is trading at 19.63 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.463 whereas USD was trading with BRL at 5.1170, Crude futures traded at ₹6987, Crude WTI traded at $83.66 barrel. Sensex closed 941.12 points higher at 74671.28 whereas Nifty ended 223.45 points higher at 22643.40
News Round-Up
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