ChiniMandi, Mumbai: 07th February 2024
Domestic Market
Domestic sugar prices reported to be stable to weak
Sugar prices were reported to be stable or lower in the major markets. Prices in Muzaffarnagar fell by Rs 10-20 per quintal, while prices in Kolhapur remained stable. According to reports, prices are rising due to low demand in all major markets. Crushing is going well across the country, with only three mills closing this season, compared to five last year.
According to reports, the price of S-grade sugar in Kolhapur ranged between Rs 3,440 and Rs 3,500 per quintal, while M-grade sugar in Muzaffarnagar was priced between Rs 3,740 and Rs 3,800 per quintal. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected to fluctuate between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. In Solapur, however, prices were reported to range between Rs 3,380 and Rs 3,420 per quintal.
Ex-mill Sugar Prices as on February, 07 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3440 |
₹3490 to 3520 |
|
Karnataka |
₹3670 to 3700 |
₹3700 to 3750 |
|
Uttar Pradesh |
|
₹3750 to 3800 |
|
Gujarat |
₹3581 to 3621 |
₹3651 to 3681 |
|
Tamil Nadu |
₹3675 to 3900 |
₹3735 to 3950 |
|
Madhya Pradesh |
₹3710 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3850 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on February, 07 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,769.50 |
|
Kolkata |
M/30 |
₹4,000.50 |
|
Muzaffarnagar |
M/30 |
₹3,937.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $657.00 ton, whereas the New York Sugar #11 front month contract is trading at 23.83 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.979 whereas USD was trading with BRL at 4.9586, Crude futures traded at ₹6132, Crude WTI traded at $73.82 barrel. Sensex closed 34.09 points lower at 72152.00 whereas Nifty ended 1.10 points higher at 21930.50
News Round-Up
Fiji to join Global Biofuels Alliance
SEIA 2024: Samunnati Financial Services receives award for best financial support to the sugar trade
SEIA 2024: Samunnati Financial Services receives award for best financial support to the sugar trade
Government working on policy mechanism to promote use of Green Hydrogen
Government working on policy mechanism to promote use of Green Hydrogen
