ChiniMandi, Mumbai: 14th March 2024
Domestic Market
Domestic sugar prices were stable
Domestic sugar prices are reported to have stabilized after rising for two sessions. A lower quota is supporting prices in the major markets, and demand is said to be strong at the current price. Lower monthly quotas in Uttar Pradesh, combined with faster mill closures in Maharashtra, are helping to keep prices stable.
M-grade sugar in Muzaffarnagar ranges from Rs 3,770 to Rs 3,810 per quintal, while S-grade sugar in Kolhapur is expected 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. Sugar grades in Solapur range from Rs 3,360 to Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 14 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3470 |
₹3500 to 3550 |
|
Karnataka |
₹3600 |
– |
|
Uttar Pradesh |
|
₹3790 to 3820 |
|
Gujarat |
₹3481 to 3521 |
₹3531 to 3581 |
|
Tamil Nadu |
₹3600 to 3680 |
₹3675 to 3700 |
|
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, 14 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,042.50 |
|
Kanpur |
M/30 |
₹3,990.00 |
|
Kolhapur |
M/30 |
₹3,759.00 |
|
Kolkata |
M/30 |
₹4,021.50 |
|
Muzaffarnagar |
M/30 |
₹3,984.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $617.50 ton, whereas the New York Sugar #11 front month contract is trading at 21.96 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.858 whereas USD was trading with BRL at 4.9648, Crude futures traded at ₹6656, Crude WTI traded at $80.31 barrel. Sensex closed 335.39 points higher at 73097.28 whereas Nifty ended 148.95 points higher at 22146.65
News Round-Up
Atul Ltd to launch herbicide ‘Sindica’ for sugarcane crop
Sugar stocks rally after weak Wednesday
India’s wholesale inflation eases to 0.2 per cent in February
India’s wholesale inflation eases to 0.2 per cent in February
