Daily Sugar Market Update By Vizzie – 15/01/2024
ChiniMandi, Mumbai: 15th January 2024
Domestic Market
Domestic sugar prices are reported to be stable to weak
Sugar prices were reported to be stable to weak in the major markets, with dull demand. The ongoing crushing season is also putting pressure on prices in the major spot markets. Mills are continuing to operate despite the threat of early closure, which is likely to weigh on prices in the medium term.
M-grade sugar costs between Rs 3,770 and Rs 3,840 per quintal in Muzaffarnagar, while S-grade sugar costs between Rs 3,520 and Rs 3,580 per quintal in Kolhapur. According to Agrimandi.live, in the next two weeks, S grade sugar in Kolhapur markets is expected to trade between Rs 3,480 and Rs 3,600 per quintal.
Ex-mill Sugar Prices as on January, 15 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3510 to 3550 |
₹3590 to 3630 |
|
Karnataka |
Holiday |
Holiday |
|
Uttar Pradesh |
|
₹3780 to 3840 |
|
Gujarat |
Old – ₹3621 to 3661 |
Old – ₹3591 to 3631 New – ₹3671 to 3701 |
|
Tamil Nadu |
Holiday |
Holiday |
|
Madhya Pradesh |
₹3715 to 3735 |
₹3765 to 3785 |
|
Punjab |
₹3870 to 3910 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 15 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,026.75 |
|
Kanpur |
M/30 |
₹3,984.75 |
|
Kolhapur |
M/30 |
₹3,827.25 |
|
Kolkata |
M/30 |
₹4,032.00 |
|
Muzaffarnagar |
M/30 |
₹3,984.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $626.60 ton, whereas the New York Sugar #11 front month contract is trading at 21.61 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.860 whereas USD was trading with BRL at 4.8693, Crude futures traded at ₹5955, Crude WTI traded at $71.69 barrel. Sensex closed 759.49 points higher at 73327.94 whereas Nifty ended 202.90 points higher at 22097.45
News Round-Up
India assures to ease commodity exports to Bangladesh after talks with PM Hasina: Media report
India assures to ease commodity exports to Bangladesh after talks with PM Hasina: Media report
Sweet deal for Salem sugarcane farmers: Government procurement boosts profits
Sweet deal for Salem sugarcane farmers: Government procurement boosts profits
Uttar Pradesh: Rakesh Tikait warns of protest if sugarcane price not announced
Uttar Pradesh: Rakesh Tikait warns of protest if sugarcane price not announced
