ChiniMandi, Mumbai: 24th November 2023
Domestic Market
Domestic sugar prices continue to be stable for a week
Sugar prices have been reported to be stable in the major domestic markets for the week and expected to remain for next 2-3 sessions. According to reports, demand is reported to be good. Previous season sugar prices are trading at a discount to new season sugar prices of Rs 40-50 per quintal.
Meanwhile, Food Ministry has allocated the quota of 24.0 lakh tons for the month of December, higher by 1.0 lakh tons when compared to November. As prices are cooling off, higher quota is likely to pressurize the sugar prices in the near term.
In Kolhapur, S-grade sugar is trading between Rs 3,630 and Rs 3,660 per quintal, while M-grade sugar in Muzaffarnagar is ranging between Rs 3,980 and Rs 4,040. According to Agrimandi, S grade sugar will trade in Kolhapur markets for between Rs 3,600 and Rs 3,720 over the next two weeks.
Ex-mill Sugar Prices as on November, 24 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3650 to 3700 |
₹3750 to 3800 |
|
Karnataka |
₹3710 to 3715 |
₹3765 |
|
Uttar Pradesh |
|
₹3845 to 3945 |
|
Gujarat |
₹3691 to 3731 |
₹3771 to 3811 |
|
Tamil Nadu |
₹3780 to 3850 |
₹3850 to 3875 |
|
Madhya Pradesh |
₹3845 to 3900 |
₹3900 to 3925 |
|
Punjab |
₹3900 to 4201 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on November, 24 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,231.50 |
|
Kanpur |
M/30 |
₹4,189.50 |
|
Kolhapur |
M/30 |
₹3,927.00 |
|
Kolkata |
M/30 |
₹4,210.50 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $740.10 ton, whereas the New York Sugar #11 front month contract is trading at 27.02 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.375 whereas USD was trading with BRL at 4.9028, Crude futures traded at ₹6404, Crude WTI traded at $76.66 barrel. Sensex closed 47.77 points lower at 65970.04 whereas Nifty ended 7.30 points lower at 19794.70
News Round-Up
India becomes Chair of International Sugar Organization for 2024 to lead global sugar sector
India becomes Chair of International Sugar Organization for 2024 to lead global sugar sector
Maharashtra faces 6 lakh tonnes dip in sugar production so far compared to previous Season
Maharashtra faces 6 lakh tonnes dip in sugar production so far compared to previous Season
Read in detail: Grain Ethanol Manufacturers Association seeks hike in ethanol prices
Read in detail: Grain Ethanol Manufacturers Association seeks hike in ethanol prices
Samyukt Kisan Morcha announces three-day protest to press for pending demands
Samyukt Kisan Morcha announces three-day protest to press for pending demands
Sensex ends 48 points lower, Nifty below 19,800
