ChiniMandi, Mumbai: 12th March 2024
Domestic Market
Domestic sugar prices continue to trade higher
Domestic sugar prices are expected to hold firm in the major markets for the second session due to strong demand. Prices have risen by Rs 15-20 per quintal in Uttar Pradesh and Maharashtra. At current prices, demand is said to be high. Lower monthly quotas in Uttar Pradesh and faster mill closures in Maharashtra are helping to keep prices stable.
M-grade sugar in Muzaffarnagar trades in the range of Rs 3,760 and Rs 3,800 per quintal, while S-grade sugar in Kolhapur is estimated to cost between Rs 3,440 and Rs 3,480. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,400 and Rs 3,480 per quintal within the next two weeks. However, prices per quintal are said to range between Rs 3,330 and Rs 3,380 in Solapur.
Ex-mill Sugar Prices as on March, 12 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3460 |
₹3490 to 3540 |
|
Karnataka |
₹3550 |
₹3600 |
|
Uttar Pradesh |
|
₹3770 to 3820 |
|
Gujarat |
₹3461 to 3501 |
₹3511 to 3561 |
|
Tamil Nadu |
₹3550 to 3720 |
₹3630 to 3650 |
|
Madhya Pradesh |
₹3700 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3825 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on March, 12 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,032.00 |
|
Kanpur |
M/30 |
₹3,979.50 |
|
Kolhapur |
M/30 |
₹3,753.75 |
|
Kolkata |
M/30 |
₹4,011.00 |
|
Muzaffarnagar |
M/30 |
₹3,974.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $617.40 ton, whereas the New York Sugar #11 front month contract is trading at 21.88 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.787 whereas USD was trading with BRL at 4.9728, Crude futures traded at ₹6454, Crude WTI traded at $77.90 barrel. Sensex closed 165.32 points higher at 73667.96 whereas Nifty ended 3.05 points higher at 22335.70
News Round-Up
ISMA appoints Deepak Ballani as new Director General
Need of switching over to sugarcane price on the basis of pole in cane
Need of switching over to sugarcane price on the basis of pole in cane
Gulshan Polyols Ltd receives order from MP Government for supply of country liquor for financial year 2024-2025
