ChiniMandi, Mumbai: 3rd January 2024
Domestic Market
Domestic sugar prices continued to remain stable
Sugar prices are said to be stable in the major markets for the fifth session. At the current price levels, demand is said to be high. However, the ongoing crushing season is weighing on spot market prices.
Indian mills produced 11.2 MMT of sugar as of December 31st, a 7.6% decrease year on year due to lower sugar production in Maharashtra and Karnataka. Uttar Pradesh’s sugar production has increased by 12.5% to 3.47 MMT. Sugar production in Maharashtra and Karnataka has been reported to be 19.4% and 10.1% lower, respectively.
M-grade sugar costs between Rs 3,790 and Rs 3,840 per quintal in Muzaffarnagar, while S-grade sugar costs between Rs 3,560 and Rs 3,620 per quintal in Kolhapur. According to Agrimandi.live, S grade sugar will trade for between Rs 3,500 and Rs 3,650 per quintal in Kolhapur markets over the next two weeks.
Ex-mill Sugar Prices as on January, 03 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3520 to 3560 |
₹3600 to 3640 |
|
Karnataka |
₹3690 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, 03 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 $610.90 ton, whereas the New York Sugar #11 front month contract is trading at 21.27 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.307 whereas USD was trading with BRL at 4.9300, Crude futures traded at ₹5929, Crude WTI traded at $70.92 barrel. Sensex closed 535.88 points lower at 71356.60 whereas Nifty ended 148.45 points lower at 21517.35
News Round-Up
Number of retail outlets retailing E20 is now more than 9300 and will cover entire country by 2025: Petroleum Minister Hardeep S Puri
Ethanol blending program saved Rs 24,300 crore foreign exchange in 2022-23: Hardeep Singh Puri
Ethanol blending program saved Rs 24,300 crore foreign exchange in 2022-23: Hardeep Singh Puri
Tamil Nadu: Madurai’s jaggery production in full swing ahead of Pongal
Tamil Nadu: Madurai’s jaggery production in full swing ahead of Pongal
Vibrant Gujarat: MoUs worth Rs 10.3 lakh crore signed so far
Vibrant Gujarat: MoUs worth Rs 10.3 lakh crore signed so far
Sensex ends 536 points lower, Nifty below 21,550
