ChiniMandi, Mumbai: 2nd January 2024
Domestic Market
Domestic sugar prices continued to remain steady despite the truck strike.
Sugar prices in the major markets are said to be stable for the fourth session. Prices were reported to be stable during a thin trading session due to the ongoing truck strike. Demand is said to be strong at the current price levels. However, the ongoing crushing season is weighing on the prices in the spot markets.
As of December 31st, Indian mills have produced 11.2 MMT of sugar, which is lower by 7.6% y/y due to lower sugar production in Maharashtra and Karnataka. Sugar production in Uttar Pradesh is reported to be higher by 12.5% at 3.47 MMT. While sugar production in Maharashtra and Karnataka is reported to be lower by 19.4% and 10.1%, respectively.
In Muzaffarnagar, M-grade sugar ranges between Rs 3,790 and Rs 3,840 per quintal, while in Kolhapur, S-grade sugar ranges between Rs 3,560 and Rs 3,620 per quintal. According to Agrimandi.live, S grade sugar will trade in Kolhapur markets for between Rs 3,500 and Rs 3,650 per quintal over the next two weeks.
Ex-mill Sugar Prices as on January, 02 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3530 to 3570 |
₹3610 to 3650 |
|
Karnataka |
₹3635 to 3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3745 to 3850 |
|
Gujarat |
Old – ₹3581 |
Old – ₹3631 to 3641 New – ₹3701 to 3731 |
|
Tamil Nadu |
₹3750 to 3875 |
₹3820 to 3900 |
|
Madhya Pradesh |
₹3690 to 3740 |
₹3740 to 3790 |
|
Punjab |
₹3840 to 3901 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 02 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,032.00 |
|
Kanpur |
M/30 |
₹3,990.00 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹3,990.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $597.60 ton, whereas the New York Sugar #11 front month contract is trading at 20.77 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.316 whereas USD was trading with BRL at 4.8525, Crude futures traded at ₹6115, Crude WTI traded at $73.22 barrel. Sensex closed 379.46 points lower at 71892.48 whereas Nifty ended 76.10 points lower at 21665.80
News Round-Up
Season 2023-24: India’s Sugar production reaches 112 lakh tonnes
Season 2023-24: India’s Sugar production reaches 112 lakh tonnes
Sugar mill land issue: Congress leader assures government will stand by farmers
Sugar mill land issue: Congress leader assures government will stand by farmers
Egypt seeks 50,000 tonnes sugar in international tender
Gilgit-Baltistan: People unite, continue wheat subsidy protests
Gilgit-Baltistan: People unite, continue wheat subsidy protests
Adani Ports raise FY24 cargo volume target to over 400 million tonnes
Adani Ports raise FY24 cargo volume target to over 400 million tonnes
