ChiniMandi, Mumbai: 12th January 2024
Domestic Market
Domestic sugar prices are said to be stable.
Sugar prices in the major markets were reported to be stable for two sessions, with dull demand weighing on spot market prices as well as the ongoing crushing season, which is expected to worsen in the coming days.
In Muzaffarnagar, M-grade sugar cost between Rs 3,770 and Rs 3,840 per quintal, while S-grade sugar cost between Rs 3,520 and Rs 3,580 per quintal in Kolhapur. According to Agrimandi, S grade sugar in Kolhapur markets is expected to trade between Rs 3,500 and Rs 3,620 per quintal in the next two weeks.
Ex-mill Sugar Prices as on January, 12 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3510 to 3550 |
₹3590 to 3630 |
|
Karnataka |
₹3680 to 3700 |
₹3740 to 3750 |
|
Uttar Pradesh |
|
₹3760 to 3870 |
|
Gujarat |
Old – ₹3621 to 3661 |
Old – ₹3591 to 3631 New – ₹3691 to 3721 |
|
Tamil Nadu |
₹3730 to 3875 |
₹3800 to 3900 |
|
Madhya Pradesh |
₹3715 to 3735 |
₹3765 to 3785 |
|
Punjab |
₹3880 to 3920 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 12 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,032.00 |
|
Kanpur |
M/30 |
₹3,990.00 |
|
Kolhapur |
M/30 |
₹3,832.50 |
|
Kolkata |
M/30 |
₹4,042.50 |
|
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 $623.70 ton, whereas the New York Sugar #11 front month contract is trading at 21.87 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.839 whereas USD was trading with BRL at 4.8472, Crude futures traded at ₹6129, Crude WTI traded at $73.91 barrel. Sensex closed 847.27 points higher at 72568.45 whereas Nifty ended 247.35 points higher at 21894.55
News Round-Up
Government directs sugar mills to use jute and HDPE bags of BIS standards for packaging of sugar
Government directs sugar mills to use jute and HDPE bags of BIS standards for packaging of sugar
Indian Oil to set up 300 ethanol pumps in country
With the changing time, sugar mills need to find out a way to utilize resources by diversifying portfolio to production of ethanol and others: Sharad Pawar
