Daily Sugar Market Update By Vizzie – 29/12/2023
ChiniMandi, Mumbai: 29th December 2023
Domestic Market
Domestic sugar prices continued to be stable
The main markets are said to have stable sugar prices. The monthly quota was reported to have decreased, but prices remained stable. A monthly quota of 23 lakh tons has been released by the Food Ministry, up from 22.0 lakh tons in the same month the previous year. The quota was lower than the 24 lakh tons of total released the previous month, though.
M-grade sugar in Muzaffarnagar ranges in price from Rs 3,790 to Rs 3,840 per quintal, while S-grade sugar in Kolhapur is more expensive, ranging from Rs 3,560 to Rs 3,620. According to Agrimandi.live, S grade sugar will trade in Kolhapur markets for between Rs 3,500 and Rs 3,650 per quintal over the course of the next two weeks.
Ex-mill Sugar Prices as on December, 29 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3550 to 3590 |
₹3630 to 3670 |
|
Karnataka |
₹3660 to 3675 |
₹3825 |
|
Uttar Pradesh |
|
₹3745 to 3850 |
|
Gujarat |
₹3625 to 3651 |
₹3711 to 3741 |
|
Tamil Nadu |
₹3725 to 3875 |
₹3820 to 3900 |
|
Madhya Pradesh |
₹3735 to 3755 |
₹3785 to 3805 |
|
Punjab |
₹3840 to 3901 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 29 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,032.00 |
|
Kanpur |
M/30 |
₹3,990.00 |
|
Kolhapur |
M/30 |
₹3,864.00 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹3,990.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $622.20 ton, whereas the New York Sugar #11 front month contract is trading at 21.76 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.175 whereas USD was trading with BRL at 4.8524, Crude futures traded at ₹6005, Crude WTI traded at $71.97 barrel. Sensex closed 170.12 points lower at 72240.26 whereas Nifty ended 47.30 points lower at 21731.40
News Round-Up
ISMA appreciates hike in procurement price of ethanol produced from CHM; urges to ban export of molasses
Government fixes 23 LMT monthly sugar quota for domestic sale in January 2024
Government fixes 23 LMT monthly sugar quota for domestic sale in January 2024
OMCs announce an incentive of Rs 6.87 per litre on supply of ethanol produced from C Heavy Molasses
OMCs announce an incentive of Rs 6.87 per litre on supply of ethanol produced from C Heavy Molasses
At least 100 flights delayed due to fog at Delhi airport
RBI imposes monetary penalty on three co-operative banks in Gujarat
RBI imposes monetary penalty on three co-operative banks in Gujarat
