ChiniMandi, Mumbai: 08th February 2024
Domestic Market
Domestic sugar prices continued to trade weak
Sugar prices in the major markets continued to trade weak on extended crushing activity. In Maharashtra only 4 mills closed operations as against 6 mills of last year. Prices in Muzaffarnagar and Kolhapur fell by Rs 5-10 per quintal. Demand is reported to be subdued which is also weighing on the prices.
According to reports, the price of S-grade sugar in Kolhapur ranged between Rs 3,440 and Rs 3,490 per quintal, while M-grade sugar in Muzaffarnagar was priced between Rs 3,740 and Rs 3,800 per quintal. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected to fluctuate between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. In Solapur, however, prices were reported to range between Rs 3,380 and Rs 3,420 per quintal.
Ex-mill Sugar Prices as on February, 08 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 |
|
₹3745 to 3800 |
|
Gujarat |
₹3571 to 3611 |
₹3641 to 3671 |
|
Tamil Nadu |
₹3625 to 3900 |
₹3825 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, 08 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,984.75 |
|
Kanpur |
M/30 |
₹3,937.50 |
|
Kolhapur |
M/30 |
₹3,764.25 |
|
Kolkata |
M/30 |
₹3,995.25 |
|
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 $656.10 ton, whereas the New York Sugar #11 front month contract is trading at 23.79 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.990 whereas USD was trading with BRL at 4.9758, Crude futures traded at ₹6207, Crude WTI traded at $74.83 barrel. Sensex closed 723.57 points lower at 71428.43 whereas Nifty ended 212.55 points lower at 21717.95
