Domestic Market
Domestic sugar prices continued to trade stable
Domestic sugar prices in the major markets remained stable due to weak demand. Demand is said to be dull at current price levels, keeping prices in check. Furthermore, lower temperatures due to rainfall activity and the early end of the marriage season are weighing on demand, which in turn affects prices.
In Muzaffarnagar, M-grade sugar traded between Rs 3,900 and Rs 3,920 per quintal, whereas S-grade sugar ranged between Rs 3,620 and Rs 3,650 per quintal. Agrimandi anticipates that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,540 and Rs 3,660 per quintal within the next two weeks.
Ex-mill Sugar Prices as on May, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3630 to 3660 |
₹3710 to 3740 |
|
Karnataka |
₹3900 |
– |
|
Uttar Pradesh |
|
₹3900 to 3920 |
|
Gujarat |
₹3681 to 3701 |
₹3785 to 3821 |
|
Tamil Nadu |
₹3875 to 4000 |
₹3950 to 4050 |
|
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, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,158.00 |
|
Kanpur |
M/30 |
₹4,116.00 |
|
Kolhapur |
M/30 |
₹3,927.00 |
|
Kolkata |
M/30 |
₹4,179.00 |
|
Muzaffarnagar |
M/30 |
₹4,116.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $532.60 ton, whereas the New York Sugar #11 front month contract is trading at 18.16 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.498 whereas USD was trading with BRL at 5.1394, Crude futures traded at ₹6564, Crude WTI traded at $78.59 barrel. Sensex closed 676.69 points higher at 73663.72 whereas Nifty closed 203.30 points higher at 22403.85
News Round-Up
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