ChiniMandi, Mumbai: 16th January 2024
Domestic Market
Domestic sugar has been reported to be stable
Sugar prices in the major markets were reported to be stable, with muted demand. The ongoing crushing season is also putting pressure on major spot market prices. Despite the possibility of an early closure, mills are still running, which will probably have an impact on prices in the medium run.
S-grade sugar in Kolhapur costs between Rs 3,510 and Rs 3,570 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,770 and Rs 3,840 per quintal. Agrimandi.live predicts that S grade sugar in Kolhapur markets will trade between Rs 3,480 and Rs 3,600 per quintal during the course of the next two weeks.
Ex-mill Sugar Prices as on January, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3500 to 3530 |
₹3580 to 3610 |
|
Karnataka |
₹3660 to 3680 |
₹3740 |
|
Uttar Pradesh |
|
₹3780 to 3840 |
|
Gujarat |
Old – ₹3611 to 3651 |
Old – ₹3581 to 3621 New – ₹3671 to 3701 |
|
Tamil Nadu |
Holiday |
Holiday |
|
Madhya Pradesh |
₹3710 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3900 to 3940 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,026.75 |
|
Kanpur |
M/30 |
₹3,984.75 |
|
Kolhapur |
M/30 |
₹3,827.25 |
|
Kolkata |
M/30 |
₹4,032.00 |
|
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 $630.90 ton, whereas the New York Sugar #11 front month contract is trading at 22.12 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.113 whereas USD was trading with BRL at 4.9028, Crude futures traded at ₹6069, Crude WTI traded at $73.15 barrel. Sensex closed 199.17 points lower at 73128.77 whereas Nifty ended 65.15 points lower at 22032.30
News Round-Up
Government’s decision of 50 per cent export duty will help secure robust domestic molasses supply for ethanol production: Tarun Sawhney
Government imposes 50 per cent export duty on molasses extracted from sugar refining
Government imposes 50 per cent export duty on molasses extracted from sugar refining
Adani Chairman Gautam Adani advocates green hydrogen: Paving the way for a zero-carbon future
Adani Chairman Gautam Adani advocates green hydrogen: Paving the way for a zero-carbon future
