ChiniMandi, Mumbai: 06th February 2024
Domestic Market
Domestic sugar prices continued to trade lower
Following higher trading in the previous week, sugar prices were reported to be lower in the major markets. Prices have fallen by Rs 20-30 per quintal. According to reports, prices are rising due to weak demand in all major markets. Crushing is going well across the country, with only three mills closing this season compared to five the previous year.
It was reported that the price of S-grade sugar in Kolhapur was between Rs 3,440 and Rs 3,500 per quintal, while the price of M-grade sugar in Muzaffarnagar was between Rs 3,750 and Rs 3,800 per quintal. According to Agrimandi, the cost of S grade sugar in Kolhapur markets is expected to fluctuate between Rs 3,400 and Rs 3,550 per quintal during the course of the next two weeks. In Solapur, however, prices were reported to range from Rs 3,380 to Rs 3,420 per quintal.
Ex-mill Sugar Prices as on February, 06 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 |
|
₹3750 to 3800 |
|
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, 06 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,958.50 |
|
Kolhapur |
M/30 |
₹3,769.50 |
|
Kolkata |
M/30 |
₹4,011.00 |
|
Muzaffarnagar |
M/30 |
₹3,948.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $657.30 ton, whereas the New York Sugar #11 front month contract is trading at 23.74 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.058 whereas USD was trading with BRL at 4.9765, Crude futures traded at ₹6097, Crude WTI traded at $73.33 barrel. Sensex closed 454.67 points higher at 72186.09 whereas Nifty ended 157.70 points higher at 21929.40
News Round-Up
Season 2023-24: Three sugar mills in Maharashtra close crushing operations
Season 2023-24: Three sugar mills in Maharashtra close crushing operations
Telangana CM Revanth Reddy seeks report on Nizam Sugar Factory
