ChiniMandi, Mumbai: 26th February 2024
Domestic Market
Weak sentiment reported in domestic Sugar prices
Domestic sugar prices fell by Rs 10 per quintal across the major growing regions due to low buying activity. Buyers prefer hand-to-mouth transactions as sugar production is expected to rise, resulting in additional price cuts. Due to higher-than-expected production in Maharashtra and Karnataka, Indian sugar production is expected to reach 32 MMT.
According to reports, the cost of S-grade sugar in Kolhapur ranges between Rs 3,400 and Rs 3,450 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs 3,730 and Rs 3,780 per quintal. According to Agrimandi, the price of S grade sugar in the Kolhapur market will most likely range between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. However, prices per quintal in Solapur were reported to be between Rs 3,330 and Rs 3,400.
Ex-mill Sugar Prices as on February, 26 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3450 |
₹3480 to 3530 |
|
Karnataka |
₹3560 to 3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3750 to 3790 |
|
Gujarat |
₹3501 to 3531 |
₹3561 to 3601 |
|
Tamil Nadu |
₹3600 to 3900 |
₹3670 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, 26 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 |
₹3,979.50 |
|
Muzaffarnagar |
M/30 |
₹3,942.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $618.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.92 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.870 whereas USD was trading with BRL at 4.9943, Crude futures traded at ₹6330, Crude WTI traded at $76.18 barrel. Sensex closed 352.67 points lower at 72790.13 whereas Nifty ended 90.65 points lower at 22122.05
News Round-Up
Bangladesh formulates five-year plan to boost domestic sugar production
Bangladesh formulates five-year plan to boost domestic sugar production
Bangladesh: Sugar prices soar in domestic market
Sensex ends 353 points lower, Nifty below 22,150
