Domestic sugar prices traded higher
Sugar prices were reported to be higher due to lower than expected monthly quotas for the month of February. The Food Ministry has released a quota of 22.0 lakh tons for the month of February, which is 1.0 lakh tons lower than in January. However, compared to February 2023, it is reported to be 1.0 lakh tons higher. Prices have risen by Rs 5-10 per quintal in the major markets.
M-grade sugar in Muzaffarnagar costs between Rs 3,770 and Rs 3,820 per quintal, while S-grade sugar in Kolhapur costs between Rs 3,490 and Rs 3,560 per quintal. Agrimandi expects S grade sugar in Kolhapur markets to trade between Rs 3,450 and Rs 3,560 per quintal in the next two weeks. However, prices in Solapur were reported to be between Rs 3,420 and 3,450 per quintal.
Ex-mill Sugar Prices as on January, 29 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470 to 3500 |
₹3550 to 3580 |
|
Karnataka |
₹3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3760 to 3840 |
|
Gujarat |
₹3611 to 3641 |
Old – ₹3581 to 3601 New – ₹3681 to 3701 |
|
Tamil Nadu |
₹3740 to 3820 |
₹3810 to 3825 |
|
Madhya Pradesh |
₹3960 to 3710 |
₹3740 to 3760 |
|
Punjab |
₹3840 to 3860 |
|
|
(All the above rates are excluding GST) |
||
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $672.90 ton, whereas the New York Sugar #11 front month contract is trading at 23.90 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.13 whereas USD was trading with BRL at 4.9139, Crude futures traded at ₹6429, Crude WTI traded at $77.31 barrel. Sensex closed 1,240.90 points upper at 71,941.57 whereas Nifty ended 385.00 points lower at 21,737.60.
