ChiniMandi, Mumbai: 26th March 2024
Domestic Market
Stable to firm sentiment witnessed in domestic sugar prices
Domestic sugar prices in the major markets have been reported to be stable to firm as demand remains strong. Prices are reported to have risen by Rs 10 per quintal due to strong demand and a lower monthly quota. Prices in Kolhapur were reported as stable.
As of March 25, Maharashtra mills produced 10.53 MMT of sugar, compared to 10.49 MMT during the same period in the year.
In Muzaffarnagar, M-grade sugar costs between Rs 3,770 and Rs 3,800 per quintal, whereas S-grade sugar is expected to cost between Rs 3,400 and Rs 3,440. Agrimandi predicts that the price of S grade sugar in the Kolhapur market will fall to between Rs 3,400 and Rs 3,480 per quintal within the next two weeks. Sugar grades in Solapur range from Rs 3360 to Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 26 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹340 to 3430 |
₹3500 to 3550 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3760 to 3790 |
|
Gujarat |
₹3481 to 3521 |
₹3531 to 3581 |
|
Tamil Nadu |
₹3575 to 3660 |
₹3650 to 3725 |
|
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 March, 26 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,011.00 |
|
Kanpur |
M/30 |
₹3,963.75 |
|
Kolhapur |
M/30 |
₹3,717.00 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
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 $647.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.18 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.302 whereas USD was trading with BRL at 4.9753, Crude futures traded at ₹6839, Crude WTI traded at $82.12 barrel. Sensex closed 361.64 points lower at 72470.30 whereas Nifty ended 92.05 points lower at 22004.70
News Round-Up
Season 2023-24: Sugar production in Maharashtra crosses 105 lakh tonnes; 106 mills end operations
Season 2023-24: Sugar production in Maharashtra crosses 105 lakh tonnes; 106 mills end operations
FRP/SAP dues 15,000 crores- Ensuring viability of sugar factories: Urgent need for government support
Malaysia offers temporary incentives to stabilize sugar prices
Malaysia offers temporary incentives to stabilize sugar prices
