ChiniMandi, Mumbai: 05th March 2024
Domestic Market
Weak sentiment continued in Domestic Sugar prices
Domestic sugar prices fell by Rs 5-10 per quintal in the major markets, indicating a weak sentiment. Demand is said to be low because buyers prefer hand to mouth. Furthermore, Maharashtra’s sugar production is estimated at 9.4 MMT, with a crushing rate of 93.3 MMT. Approximately 20 mills have closed operations as of today, compared to 65 mills last year.
M-grade sugar in Muzaffarnagar ranges from Rs 3,740 to Rs 3,780 per quintal, while S-grade sugar in Kolhapur is said to cost between Rs 3,400 and Rs 3,440 per quintal. According to Agrimandi, the price of S grade sugar in the Kolhapur market is likely to fall between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. Prices in Solapur, however, are said to range between Rs 3,330 and Rs 3,380 per quintal.
Ex-mill Sugar Prices as on March, 05 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3360 to 3410 |
₹3440 to 3490 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3740 to 3780 |
|
Gujarat |
₹3441 to 3481 |
₹3491 to 3541 |
|
Tamil Nadu |
₹3565 to 3840 |
₹3640 to 3700 |
|
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 March, 05 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,937.50 |
|
Kolhapur |
M/30 |
₹3,732.75 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
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 $592.00 ton, whereas the New York Sugar #11 front month contract is trading at 20.68 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.905 whereas USD was trading with BRL at 4.9481, Crude futures traded at ₹6520, Crude WTI traded at $78.60 barrel. Sensex closed 195.16 points lower at 73677.13 whereas Nifty ended 49.30 points lower at 22356.30
News Round-Up
Season 2023-24: 20 sugar mills end sugarcane crushing operations in Maharashtra
Season 2023-24: 20 sugar mills end sugarcane crushing operations in Maharashtra
Bangladesh: One lakh tonnes of sugar gutted in sugar mill’s fire
Bangladesh: One lakh tonnes of sugar gutted in sugar mill’s fire
Government focuses on maize research to boost ethanol production
Government focuses on maize research to boost ethanol production
