ChiniMandi, Mumbai: 19th February 2024
Domestic Market
Domestic Sugar prices continued its downward trend
Domestic sugar prices fell by another Rs 10-20 per quintal due to lower demand despite increased sugar production. As of February 15, 2024, Indian mills had produced 22.3 MMT, down only 3.4% year on year. The expected improvement in sugar production is likely to have an impact on sugar production in the coming days. On an all-India basis, 26 mills have closed operations, compared to 31 mills last year. In Maharashtra, only four mills closed, compared to 17 last year.
According to reports, S-grade sugar in Kolhapur ranges between Rs 3,420 and Rs 3,460 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,730 and Rs 3,790. 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 over the next two weeks. However, prices in Solapur were reported to range between Rs 3,330 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on February, 19 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3420 |
₹3470 to 3500 |
|
Karnataka |
₹3540 to 3600 |
₹3610 to 3650 |
|
Uttar Pradesh |
|
₹3740 to 3790 |
|
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, 19 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,738.00 |
|
Kolkata |
M/30 |
₹3,984.75 |
|
Muzaffarnagar |
M/30 |
₹3,937.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $632.80 ton, whereas the New York Sugar #11 front month contract is trading at 23.08 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.023 whereas USD was trading with BRL at 4.9581, Crude futures traded at ₹6506, Crude WTI traded at $78.29 barrel. Sensex closed 281.52 points higher at 72708.16 whereas Nifty ended 81.55 points higher at 22122.25
News Round-Up
Singapore mandates use of sustainable aviation fuel for departing flights, introduces levy from 2026: S&P GCI
Balrampur Chini Mills to enter new line of business to manufacture Polylactic Acid
Balrampur Chini Mills to enter new line of business to manufacture Polylactic Acid
Season 2023-24: Latest sugar production updates by ISMA
