ChiniMandi, Mumbai: 29th May 2024
Domestic Market
Domestic sugar prices reported to be stable
Domestic sugar prices in major markets have been reported to be stable after rising the previous day. Demand is said to be good at current levels, but higher quotas than the previous year are keeping prices stable. Meanwhile, the Food Ministry has allocated 25.5 lakh tons of sugar for the month of June, up 2.0 lakh tons from the same period last year. However, it is 1.5 lakh tons lower than the previous month, as temperatures are expected to drop once the monsoon season begins. Based on the quota, prices are expected to remain within a range for the next month.
Ex-mill Sugar Prices as on May, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3610 to 3630 |
₹3690 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, 29 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 |
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 predicts that the price of S grade sugar in the Kolhapur market will fall within the next two weeks to between Rs 3,540 and Rs 3,660 per quintal.International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $548.50 ton, whereas the New York Sugar #11 front month contract is trading at 18.50 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.383 whereas USD was trading with BRL at 5.1607, Crude futures traded at ₹6717, Crude WTI traded at $80.47 barrel. Sensex closed 667.55 points lower at 74502.90 whereas Nifty closed 183.45 points lower at 22704.70
News Round-Up
Sakthi Sugars announces financial results; net profit declines
Sakthi Sugars announces financial results; net profit declines
Sugar and ethanol producer Zuari Industries announces financial results
Sugar and ethanol producer Zuari Industries announces financial results
Maharashtra: Raju Shetti urges govt to declare drought in region with water scarcity
Maharashtra: Raju Shetti urges govt to declare drought in region with water scarcity
