ChiniMandi, Mumbai: 9th January 2024
Domestic Market
Domestic sugar prices continued to be stable
Sugar prices in the major markets were reported to be stable for the third session. Ongoing crushing season is weighing on spot market prices and is likely to pressurise in coming days as well.
Meanwhile, WISMA has projected sugar production of Maharashtra at 9.5 MMT and SISMA, Karnataka projected sugar at 5.0 MMT. These factors are likely to keep prices under pressure.
In Muzaffarnagar M-grade sugar trade between Rs 3,780 and Rs 3,840 per quintal , while in Kolhapur S-grade sugar is ranged between Rs 3,550 and Rs 3,610 per quintal. According to Agrimandi, S grade sugar in Kolhapur markets are expected to trade between Rs 3,500 and Rs 3,620 per quintal over the next two weeks.
Ex-mill Sugar Prices as on January, 09 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3510 to 3550 |
₹3590 to 3630 |
|
Karnataka |
₹3680 to 3700 |
₹3740 to 3750 |
|
Uttar Pradesh |
|
₹3760 to 3870 |
|
Gujarat |
Old – ₹3581 |
Old – ₹3615 to 3631 New – ₹3701 to 3731 |
|
Tamil Nadu |
₹3740 to 3875 |
₹3800 to 3900 |
|
Madhya Pradesh |
₹3710 to 3730 |
₹3760 to 3780 |
|
Punjab |
₹3880 to 3901 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 09 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,042.50 |
|
Kanpur |
M/30 |
₹4,000.50 |
|
Kolhapur |
M/30 |
₹3,853.50 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹4,000.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $621.80 ton, whereas the New York Sugar #11 front month contract is trading at 21.68 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.118 whereas USD was trading with BRL at 4.8780, Crude futures traded at ₹6032, Crude WTI traded at $72.46 barrel. Sensex closed 30.99 points higher at 71386.21 whereas Nifty ended 31.85 points higher at 21544.85
News Round-Up
Sugar prices to remain stable; industry will have adequate carry forward stock for next season: ISMA President
Mayiladuthurai: Farmers protest sugarcane procurement for Pongal hampers
Mayiladuthurai: Farmers protest sugarcane procurement for Pongal hampers
Fiji to engage Thailand-based Mitr Phol Group to help resolve sugar mill issues
Fiji to engage Thailand-based Mitr Phol Group to help resolve sugar mill issues
Odisha urges Centre for complete ban on toxic Paraquat herbicide citing farmers’ health and environmental concerns
Sensex, Nifty end marginally higher
