ChiniMandi, Mumbai: 15th December 2023
Domestic Market
Domestic sugar prices reported to be weak
Sugar prices have continued to fall in the major domestic markets due to weak demand. Prices are expected to remain low on the back of ongoing crushing season; buyers prefer hand-to-mouth. Furthermore, higher sugar production as a result of the ban on ethanol production from direct cane juice is putting pressure on prices.
In Kolhapur, S-grade sugar costs between Rs 3,520 and Rs 3,600 per quintal, while M-grade sugar costs between Rs 3,800 and Rs 3,850 per quintal in Muzaffarnagar. According to Agrimandi, S grade sugar will trade in Kolhapur markets for between Rs 3,450 and Rs 3,650 in the next two weeks.
Ex-mill Sugar Prices as on December, 15 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3640 to 3680 |
₹3720 to 3760 |
|
Karnataka |
₹3650 to 3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3690 to 3800 |
|
Gujarat |
₹3591 to 3621 |
₹3671 to 3701 |
|
Tamil Nadu |
₹3775 to 3875 |
₹3835 to 3900 |
|
Madhya Pradesh |
₹3791 to 3810 |
₹3860 to 3861 |
|
Punjab |
₹3930 to 4001 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 15 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,053.00 |
|
Kanpur |
M/30 |
₹4,011.00 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹4,011.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $633.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.31 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.995 whereas USD was trading with BRL at 4.9160, Crude futures traded at ₹5963, Crude WTI traded at $71.93 barrel. Sensex closed 969.55 points higher at 71483.75 whereas Nifty ended 273.95 points higher at 21456.65
