ChiniMandi, Mumbai: 16th February 2024
Domestic Market
Domestic Sugar prices continued its downward trend
Domestic sugar prices fell after remaining stable for the previous session due to increased sugar production. Prices have fallen by Rs 10-20 per quintal due to weak demand. As of February 15, 2024, sugar production in Uttar Pradesh was reported at 6.8 MMT, up 12.1% year on year, with one mill closing operations so far. Sugar production in Maharashtra has been reported at 7.87 MMT, down 8.4% from the previous year, with four mills closing operations compared to 15 mills.
According to reports, S-grade sugar in Kolhapur costs between Rs 3,420 and Rs 3,460 per quintal, whereas M-grade sugar in Muzaffarnagar costs between Rs 3,740 and Rs 3,800. According to Agrimandi, the cost of S grade sugar in the Kolhapur market is expected to range between Rs 3,400 and Rs 3,550 per quintal in the coming two weeks. However, prices in Solapur were reported to be between Rs 3,330 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on February, 16 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3405 to 3420 |
₹3480 to 3500 |
|
Karnataka |
₹3580 to 3600 |
₹3630 |
|
Uttar Pradesh |
|
₹3750 to 3800 |
|
Gujarat |
₹3531 to 3550 |
₹3601 to 3641 |
|
Tamil Nadu |
₹3600 to 3900 |
₹3660 to 3950 |
|
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 February, 16 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,005.75 |
|
Kanpur |
M/30 |
₹3,958.50 |
|
Kolhapur |
M/30 |
₹3,748.50 |
|
Kolkata |
M/30 |
₹3,995.25 |
|
Muzaffarnagar |
M/30 |
₹3,948.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $638.40 ton, whereas the New York Sugar #11 front month contract is trading at 23.19 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.007 whereas USD was trading with BRL at 4.9725, Crude futures traded at ₹6434, Crude WTI traded at $77.42 barrel. Sensex closed 376.26 points higher at 72426.64 whereas Nifty ended 129.95 points higher at 22040.70
News Round-Up
Season 2023-24: Sugar recovery higher in India compare to previous season
Season 2023-24: Average sugar recovery rate slightly higher in India compare to previous season
Season 2023-24: 26 mills close crushing operations; 223.60 lakh tonnes sugar produced so far
Season 2023-24: 26 mills close crushing operations; 223.60 lakh tonnes sugar produced so far
Harshvardhan Patil elected President of National Federation of Cooperative Sugar Factories
Harshvardhan Patil elected President of National Federation of Cooperative Sugar Factories
