ChiniMandi, Mumbai: 23rd February 2024
Domestic Market
Domestic Sugar prices traded stable
Domestic sugar prices were said to be stable following a strong session. As sugar production rises, buyers prefer hand-to-mouth transactions in anticipation of further price decreases. Indian sugar production is expected to reach 32 MMT, thanks to higher production in Maharashtra and Karnataka than previously predicted. Furthermore, the Indian government has reiterated that there are no plans to divert cane to ethanol production because crushing is nearing completion and a few mills have closed operations.
According to reports, S-grade sugar in Kolhapur costs between Rs 3,420 and Rs 3,470 per quintal, whereas M-grade sugar in Muzaffarnagar costs between Rs 3,740 and Rs 3,800. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected to range between Rs 3,400 and Rs 3,550 per quintal in the coming two weeks. However, prices in Solapur were reported to be between Rs 3,330 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on February, 23 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3450 |
₹3480 to 3530 |
|
Karnataka |
₹3560 to 3600 |
₹3630 to 3650 |
|
Uttar Pradesh |
|
₹3750 to 3800 |
|
Gujarat |
₹3511 to 3541 |
₹3571 to 3611 |
|
Tamil Nadu |
₹3600 to 3900 |
₹3670 to 3950 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3825 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on February, 23 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,011.00 |
|
Kanpur |
M/30 |
₹3,963.75 |
|
Kolhapur |
M/30 |
₹3,748.50 |
|
Kolkata |
M/30 |
₹4,000.50 |
|
Muzaffarnagar |
M/30 |
₹3,958.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $627.70 ton, whereas the New York Sugar #11 front month contract is trading at 22.94 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.902 whereas USD was trading with BRL at 4.9637, Crude futures traded at ₹6428, Crude WTI traded at $77.42 barrel. Sensex closed 15.44 points lower at 73142.80 whereas Nifty ended 4.75 points lower at 22212.70
News Round-Up
From the Editor’s desk- Balancing act: Government’s sugarcane price hike navigates farmer concerns; Industry challenges need government attention
Rise in sugarcane FRP will have no impact on UP, Punjab, Haryana and Uttarakhand farmers as these states already have higher SAP: V M Singh
Nitin Gadkari urges State governments to promote production and use of ethanol as an alternative fuel source
