Domestic sugar prices reported to be stable
Sugar prices were said to be stable in major markets due to low demand. The price decrease is greater in Uttar Pradesh than in other areas. Sugar production in Uttar Pradesh is expected to remain high year after year, putting pressure on prices in the coming days. Demand is expected to be strong at lower rates.
M-grade sugar in Muzaffarnagar costs between Rs 3,760 and Rs 3,820 per quintal, whereas S-grade sugar in Kolhapur costs between Rs 3,480 and Rs 3,550 per quintal. Agrimandi expects S grade sugar in Kolhapur markets to trade between Rs 3,450 and Rs 3,560 per quintal over the next two weeks.
Ex-mill Sugar Prices as on January, 24 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470 to 3500 |
₹3550 to 3580 |
|
Karnataka |
₹3680 to 3700 |
₹3740 to 3750 |
|
Uttar Pradesh |
|
₹3760 to 3840 |
|
Gujarat |
₹3611 to 3641 |
Old – ₹3581 to 3601 New – ₹3681 to 3701 |
|
Tamil Nadu |
₹3730 to 3810 |
₹3825 |
|
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, 24, 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,958.50 |
|
Kolhapur |
M/30 |
₹3,806.25 |
|
Kolkata |
M/30 |
₹4,016.25 |
|
Muzaffarnagar |
M/30 |
₹3,953.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $669.50 ton, whereas the New York Sugar #11 front month contract is trading at 23.70 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.081 whereas USD was trading with BRL at 4.9122, Crude futures traded at ₹6242, Crude WTI traded at $74.95 barrel. Sensex closed 689.77 points higher at 71,060.31 whereas Nifty ended 215.15 points up at 21,453.95.
