Daily Sugar Market Update By Vizzie – 27/12/2023
ChiniMandi, Mumbai: 27th December 2023
Domestic Market
Domestic sugar prices reported to be stable
After a fall for a week, sugar prices are said to be steady in the major markets. Prices are expected to decline as the crushing season peaks; buyers prefer to pay cash for goods. In addition, the limitation on the production of ethanol from direct cane juice is increasing the production of sugar, which lowers prices. Reports indicate that there is strong resale demand but less demand at tender prices.
M-grade sugar in Muzaffarnagar ranges from Rs 3,790 to Rs 3,840 per quintal, while S-grade sugar in Kolhapur is in the range of Rs 3,560 to Rs 3,620 per quintal. According to Agrimandi.live, S grade sugar will trade for between Rs 3,500 and Rs 3,650 per quintal in Kolhapur markets during the next two weeks.
Ex-mill Sugar Prices as on December, 27 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3580 to 3620 |
₹3660 to 3700 |
|
Karnataka |
₹3640 to 3650 |
₹3700 |
|
Uttar Pradesh |
|
₹3745 to 3860 |
|
Gujarat |
₹3625 to 3651 |
₹3711 to 3741 |
|
Tamil Nadu |
₹3725 to 3875 |
₹3810 to 3900 |
|
Madhya Pradesh |
₹3735 to 3755 |
₹3785 to 3805 |
|
Punjab |
₹3840 to 3901 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 27 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,032.00 |
|
Kanpur |
M/30 |
₹3,990.00 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹3,990.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $589.20 ton, whereas the New York Sugar #11 front month contract is trading at 20.36 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.304 whereas USD was trading with BRL at4.8279, Crude futures traded at ₹6256, Crude WTI traded at $74.97 barrel. Sensex closed 701.63 points higher at 72038.43 whereas Nifty ended 213.40 points higher at 21654.75
