ChiniMandi, Mumbai: 05th February 2024
Domestic Market
Domestic sugar prices reported to be lower
Following higher trading in the previous sessions, sugar prices were reported to be lower in the major markets. Prices have dropped by Rs 10–20 per quintal. It is said that there is weak demand in all of the major markets, which is driving up prices. All around the nation, crushing is proceeding smoothly, and only about three mills have closed this season compared to five last year.
S-grade sugar in Kolhapur was reported to be between Rs 3,470 and Rs 3,540 per quintal, while M-grade sugar in Muzaffarnagar ranged between Rs 3,770 and Rs 3,840 per quintal. Agrimandi predicts that over the next two weeks, the price of S grade sugar in Kolhapur markets will range between Rs 3,450 and Rs 3,560 per quintal. Prices per quintal in Solapur, however, were said to vary from Rs 3,380 to Rs 3,430.
Ex-mill Sugar Prices as on February, 05 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3440 |
₹3490 to 3520 |
|
Karnataka |
₹3670 to 3700 |
₹3700 to 3750 |
|
Uttar Pradesh |
|
₹3760 to 3840 |
|
Gujarat |
₹3581 to 3621 |
₹3651 to 3681 |
|
Tamil Nadu |
₹3675 to 3900 |
₹3735 to 3950 |
|
Madhya Pradesh |
₹3710 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3850 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on February, 05 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,021.50 |
|
Kanpur |
M/30 |
₹3,979.50 |
|
Kolhapur |
M/30 |
₹3,780.00 |
|
Kolkata |
M/30 |
₹4,032.00 |
|
Muzaffarnagar |
M/30 |
₹3,969.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $659.20 ton, whereas the New York Sugar #11 front month contract is trading at 23.80 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.054 whereas USD was trading with BRL at 4.9961, Crude futures traded at ₹5999, Crude WTI traded at $72.07 barrel. Sensex closed 354.21 points lower at 71731.42 whereas Nifty ended 82.10 points lower at 21771.70
News Round-Up
Sugar and Ethanol India Conference 2024 concludes on high note
Sugar mills need to digitize their operations: Sangeet Singla
Sugar mills need to digitize their operations: Sangeet Singla
Policy interventions will continue depending on production of sugarcane and availability of other feedstocks: Ashwini Srivastava
