ChiniMandi, Mumbai: 21th February 2024
Domestic Market
Steady sentiment continued in domestic Sugar prices
Domestic sugar prices were reported to be stable for the second session. Due to rumours of increased sugar allocation to ethanol, mills stopped selling today as increased allocation to ethanol if any, would likely to reduce the sugar production. Indian sugar production is expected to reach 32 MMT due to higher production in Maharashtra and Karnataka than previously expected.
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 3,730 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 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, 21 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3450 |
₹3480 to 3530 |
|
Karnataka |
₹3540 to 3600 |
₹3610 to 3650 |
|
Uttar Pradesh |
|
₹3740 to 3790 |
|
Gujarat |
₹3511 to 3530 |
₹3581 to 3621 |
|
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, 21 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 $619.80 ton, whereas the New York Sugar #11 front month contract is trading at 22.61 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.927 whereas USD was trading with BRL at 4.9259, Crude futures traded at ₹6406, Crude WTI traded at $77.08 barrel. Sensex closed 434.31 points lower at 72623.09 whereas Nifty ended 141.90 points lower at 22055.05
News Round-Up
Government likely to increase sugarcane FRP: Media Report
Uttarakhand: Sugar mill to close operations early
Bajaj Hindusthan Sugar and EverEnviro forge green energy partnership for CBG production in UP
Bajaj Hindusthan Sugar and EverEnviro forge green energy partnership for CBG production in UP
