Domestic Market
Weak sentiment continued in domestic sugar prices
Sugar prices have been reported to be low across the board in major domestic markets. Prices in major markets were reported to be Rs 10-20 per quintal lower. Buyers prefer hand to mouth because prices are expected to remain low during the current crushing season.
In Kolhapur, S-grade sugar costs between Rs 3,540 and Rs 3,620 per quintal, while M-grade sugar costs between Rs 3,840 and Rs 3,900 per quintal in Muzaffarnagar. According to Agrimandi, S grade sugar will trade in Kolhapur markets for between Rs 3,450 and Rs 3,650 in the next two weeks.
Ex-mill Sugar Prices as on December, 12 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3630 to 3680 |
₹3680 to 3700 |
|
Karnataka |
₹3690 to 3700 |
₹3750 to 3760 |
|
Uttar Pradesh |
|
₹3720 to 3825 |
|
Gujarat |
₹3601 to 3641 |
₹3681 to 3721 |
|
Tamil Nadu |
₹3775 to 3875 |
₹3835 to 3900 |
|
Madhya Pradesh |
₹3780 |
– |
|
Punjab |
₹3970 to 4061 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 12 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,874.50 |
|
Kolkata |
M/30 |
₹4,074.00 |
|
Muzaffarnagar |
M/30 |
₹4,042.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $625.50 ton, whereas the New York Sugar #11 front month contract is trading at 21.79 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.364 whereas USD was trading with BRL at 4.9242, Crude futures traded at ₹5919, Crude WTI traded at $70.84 barrel. Sensex closed 377.50 points lower at 69551.03 whereas Nifty ended 90.70 points lower at 20906.40
News Round-Up
Sustainable Aviation Fuel production expected to triple in 2024: IATA
Sustainable Aviation Fuel production expected to triple in 2024: IATA
Philippines: Sugar producers urge government intervention as prices plummet
Philippines: Sugar producers urge government intervention as prices plummet
Haryana: Sugar mill is operating at reduced capacity due to insufficient sugarcane supply
Haryana: Sugar mill is operating at reduced capacity due to insufficient sugarcane supply
Keppel partners AM Green to explore opportunities to produce ethanol and Sustainable Aviation Fuel
Keppel partners AM Green to explore opportunities to produce ethanol and Sustainable Aviation Fuel
Sensex ends 378 points lower, Nifty nears 20,900
