ChiniMandi, Mumbai: 20th March 2024
Domestic Market
Domestic sugar prices reported a weak sentiment.
Weak sentiment was reported in major markets due to subdued demand. Prices in the major markets of Uttar Pradesh and Kolhapur were reported to be lower by Rs 10-20 per quintal. The prolonged crushing season, which increases sugar production, has continued to put pressure on prices.
M-grade sugar in Muzaffarnagar costs between Rs 3,775 and Rs 3,810 per quintal, whereas S-grade sugar in Kolhapur is expected to cost between Rs 3,420 and Rs 3,450. 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 3340 to Rs 3,380 per quintal.
Ex-mill Sugar Prices as on March, 20 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3470 |
₹3500 to 3550 |
|
Karnataka |
₹3600 |
– |
|
Uttar Pradesh |
|
₹3775 to 3810 |
|
Gujarat |
₹3481 to 3521 |
₹3531 to 3581 |
|
Tamil Nadu |
₹3565 to 3640 |
₹3675 |
|
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, 20 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,021.50 |
|
Kanpur |
M/30 |
₹3,974.25 |
|
Kolhapur |
M/30 |
₹3,727.50 |
|
Kolkata |
M/30 |
₹4,000.50 |
|
Muzaffarnagar |
M/30 |
₹3,969.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $615.30 ton, whereas the New York Sugar #11 front month contract is trading at 21.31 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.195 whereas USD was trading with BRL at 5.0211, Crude futures traded at ₹6770, Crude WTI traded at $81.41 barrel. Sensex closed 89.64 points higher at 72101.69 whereas Nifty ended 21.65 points higher at 21839.10
News Round-Up
Tunisia’s sugar imports down by 52.1 per cent in February 2024
Tunisia’s sugar imports down by 52.1 per cent in February 2024
Bangladesh: Government to procure 10,000 tonnes of sugar
Sustainable Agriculture Practices: ICAR and Dhanuka Agritech forge partnership to empower farmers
Sustainable Agriculture Practices: ICAR and Dhanuka Agritech forge partnership to empower farmers
