ChiniMandi, Mumbai: 22nd February 2024
Domestic Market
Domestic Sugar prices inch higher
Domestic sugar prices rose by Rs 10-20 per quintal after a steady session, as the FRP rate for cane increased for the 2024/25 season. Cane FRP is said to be higher by Rs 250 to Rs 3,400 per MT. Demand is said to be good. However, as sugar production increases, buyers prefer hand-to-mouth transactions in anticipation of further price fall. Indian sugar production is expected to reach 32 MMT, thanks to higher production in Maharashtra and Karnataka than previously anticipated.
According to reports, S-grade sugar in Kolhapur ranges between Rs 3,420 and Rs 3,470 per quintal, while 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 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, 22 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3450 |
₹3480 to 3530 |
|
Karnataka |
₹3560 to 3600 |
₹3630 to 3650 |
|
Uttar Pradesh |
|
₹3750 to 3800 |
|
Gujarat |
₹3511 to 3541 |
₹3571 to 3611 |
|
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, 22 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,011.00 |
|
Kanpur |
M/30 |
₹3,963.75 |
|
Kolhapur |
M/30 |
₹3,748.50 |
|
Kolkata |
M/30 |
₹4,000.50 |
|
Muzaffarnagar |
M/30 |
₹3,958.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $620.90 ton, whereas the New York Sugar #11 front month contract is trading at 22.59 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.870 whereas USD was trading with BRL at 4.9321, Crude futures traded at ₹6452, Crude WTI traded at $77.73 barrel. Sensex closed 535.15 points higher at 73158.24 whereas Nifty ended 162.40 points higher at 22217.45
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