ChiniMandi, Mumbai: 13th December 2023
Domestic Market
Domestic sugar prices remained weak.
Sugar prices have continued to fall as the crushing season in the major domestic markets continues. Prices in major markets were reported to be Rs 10-15 per quintal lower. Buyers prefer hand-to-mouth because prices are expected to remain low during the current crushing season. Moreover, increased sugar production due to ban of ethanol production from direct cane juice is also weighing on the prices.
In Kolhapur, S-grade sugar costs between Rs 3,540 and Rs 3,620 per quintal, while M-grade sugar costs between Rs 3,830 and Rs 3,880 per quintal in Muzaffarnagar. According to Agrimandi, S grade sugar will trade in Kolhapur markets between Rs 3,450 and Rs 3,650 in the next two weeks.
Ex-mill Sugar Prices as on December, 13 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3630 |
₹3720 to 3730 |
|
Karnataka |
₹3690 to 3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3720 to 3825 |
|
Gujarat |
₹3601 to 3641 |
₹3681 to 3721 |
|
Tamil Nadu |
₹3775 to 3875 |
₹3835 to 3900 |
|
Madhya Pradesh |
₹3650 to 3785 |
₹3750 to 3825 |
|
Punjab |
₹3970 to 4061 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 13 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,074.00 |
|
Kanpur |
M/30 |
₹4,026.75 |
|
Kolhapur |
M/30 |
₹3,874.50 |
|
Kolkata |
M/30 |
₹4,063.50 |
|
Muzaffarnagar |
M/30 |
₹4,026.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $651.40 ton, whereas the New York Sugar #11 front month contract is trading at 23.02 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.401 whereas USD was trading with BRL at 4.9577, Crude futures traded at ₹5753, Crude WTI traded at $68.93 barrel. Sensex closed 33.57 points higher at 69584.60 whereas Nifty ended 19.95 points higher at 20926.35
News Round-Up
Cuba seeks India’s assistance for revival of sugar industry
India may allow export of 20,000 tonnes of refined sugar to Kenya: Media report
India may allow export of 20,000 tonnes of refined sugar to Kenya: Media report
BSF foils another attempt of sugar smuggling on Indo-Bangladesh international border
BSF foils another attempt of sugar smuggling on Indo-Bangladesh international border
OMCs write to sugar mills to explore ethanol production from C Heavy molasses
OMCs write to sugar mills to explore ethanol production from C Heavy molasses
Sensex, Nifty end marginally higher
