ChiniMandi, Mumbai: 07th March 2024
Domestic Market
Domestic Sugar prices reported stable
Domestic sugar prices remained stable in the major markets after falling for two sessions. Buyers are said to prefer hand-to-mouth over prolonged crushing, which accounts for low demand. In addition, as of March 6, Maharashtra’s sugar production was reported to be 9.53 MMT, with 94.5 MMT of cane crushed. As of today, approximately 22 mills have ceased operations, down from 78 mills the previous year.
The cost of M-grade sugar in Muzaffarnagar ranges from Rs 3,735 to Rs 3,770 per quintal, whereas the estimated cost of S-grade sugar in Kolhapur is between Rs 3,400 and Rs 3,440 per quintal. Agrimandi predicts that in the next two weeks, the price of S grade sugar in the Kolhapur market will drop to between Rs 3,400 and Rs 3,480 per quintal. However, prices per quintal are reportedly between Rs 3,330 and Rs 3,380 in Solapur.
Ex-mill Sugar Prices as on March, 07 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 3770 | |
| Gujarat | ₹3441 to 3481 | ₹3491 to 3541 |
| Tamil Nadu | ₹3565 to 3800 | ₹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, 07 2024 :
| City | Grade | Rate |
| Delhi | M/30 | ₹3,984.75 |
| Kanpur | M/30 | ₹3,932.25 |
| Kolhapur | M/30 | ₹3,727.50 |
| Kolkata | M/30 | ₹3,974.25 |
| Muzaffarnagar | M/30 | ₹3,932.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $598.40 ton, whereas the New York Sugar #11 front month contract is trading at 21.01 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.705 whereas USD was trading with BRL at 4.9451, Crude futures traded at ₹6491, Crude WTI traded at $78.45 barrel. Sensex closed 33.40 points higher at 74119.39 whereas Nifty ended 19.50 points higher at 22493.55
News Round-Up
Bihar: PM Modi lays foundation stone of grain-based ethanol projects at HBL’s Sugauli and Lauriya
https://www.chinimandi.com/bihar-pm-modi-lays-foundation-stone-of-grain-based-ethanol-projects-at-hbls-sugauli-and-lauriya/
Season 2023-24: Maharashtra’s sugar production down by 3.82 lakh tonnes so far
https://www.chinimandi.com/season-2023-24-maharashtras-sugar-production-down-by-3-82-lakh-tonnes-so-far/
Nexgen Energia to Invest Rs 3,000 Crore in Gujarat for CBG Plant and EV Units
https://www.chinimandi.com/nexgen-energia-to-invest-rs-3000-crore-in-gujarat-for-cbg-plant-and-ev-units/
