ChiniMandi, Mumbai: 09th February 2024
Domestic Market
Sugar prices are said to be stable.
Domestic sugar prices were reported to have stabilized after trading lower for 2-3 sessions. According to reports, prices are weighing due to subdued demand in all major markets, as crushing is progressing well in comparison to market expectations. Crushing is going well across the country, with only four mills closing operations in Maharashtra when compared to six during last season.
According to reports, the price of S-grade sugar in Kolhapur ranged between Rs 3,440 and Rs 3,500 per quintal, whereas M-grade sugar in Muzaffarnagar was priced between Rs 3,740 and Rs 3,800. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected to range between Rs 3,400 and Rs 3,550 per quintal in the coming two weeks. Prices in Solapur, however, were reported to be between Rs 3,380 and Rs 3,420 per quintal.
Ex-mill Sugar Prices as on February, 09 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3430 to 3470 |
₹3520 to 3550 |
|
Karnataka |
₹3670 to 3700 |
₹3700 to 3750 |
|
Uttar Pradesh |
|
₹3745 to 3800 |
|
Gujarat |
₹3561 to 3601 |
₹3631 to 3661 |
|
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, 09 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 $666.50 ton, whereas the New York Sugar #11 front month contract is trading at 24.10 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.027 whereas USD was trading with BRL at 4.9847, Crude futures traded at ₹6319, Crude WTI traded at $76.14 barrel. Sensex closed 167.06 points higher at 71595.49 whereas Nifty ended 64.55 points higher at 21782.50
News Round-Up
SEIC 2024: Highlights
Maharashtra: Region wise sugar production, sugar recovery update
Maharashtra: Region wise sugar production, sugar recovery update
Philippines: Traders, importers to buy local raw sugar at premium
Philippines: Traders, importers to buy local raw sugar at premium
