ChiniMandi, Mumbai: 17th January 2024
Domestic Market
Domestic sugar prices are reported to be weak
Sugar prices were reported to be low in the major markets, owing to weak demand. The ongoing crushing season is also putting pressure on major spot market prices. Mills are still operating despite the threat of early closure, which is expected to weigh on prices in the medium term.
In Muzaffarnagar, M-grade sugar costs between Rs 3,770 and Rs 3,840 per quintal, whereas in Kolhapur, S-grade sugar costs between Rs 3,500 and Rs 3,570. Agrimandi.live predicts that S grade sugar in Kolhapur markets will trade between Rs 3,480 and Rs 3,600 per quintal over the next two weeks.
Ex-mill Sugar Prices as on January, 17 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3500 to 3530 |
₹3580 to 3610 |
|
Karnataka |
₹3680 to 3700 |
₹3740 to 3750 |
|
Uttar Pradesh |
|
₹3770 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, 17 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,021.50 |
|
Kanpur |
M/30 |
₹3,979.50 |
|
Kolhapur |
M/30 |
₹3,822.00 |
|
Kolkata |
M/30 |
₹4,032.00 |
|
Muzaffarnagar |
M/30 |
₹3,979.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $644.00 ton, whereas the New York Sugar #11 front month contract is trading at 22.60 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.143 whereas USD was trading with BRL at 4.9353, Crude futures traded at ₹5910, Crude WTI traded at $71.05 barrel. Sensex closed 1628.01 points lower at 71500.76 whereas Nifty ended 460.35 points lower at 21571.95
News Round-Up
Season 2023-24: India’s Sugar production reaches 148 lakh tonnes
Season 2023-24: India’s Sugar production reaches 148 lakh tonnes
Sugarcane farmers in Ajnala hone skills at training camp
Malaysia: MSM plans sugarcane cultivation to boost raw sugar security
Malaysia: MSM plans sugarcane cultivation to boost raw sugar security
