Domestic sugar prices traded stable to higher
Sugar prices were reported to be steady to higher due to lower-than-expected monthly quotas in February. The Food Ministry has set a quota of 22 lakh tons for the month of February, 1 lakh tons less than in January. However, when compared to February 2023, it is 1 lakh tons higher. Prices have increased by Rs 5-10 per quintal in the major markets. Prices in Uttar Pradesh rose by Rs 10-20 per quintal, while Kolhapur remained stable.
M-grade sugar in Muzaffarnagar costs between Rs 3,780 and Rs 3,840 per quintal, whereas S-grade sugar in Kolhapur costs between Rs 3,490 and Rs 3,560 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. However, prices in Solapur were reported to range between Rs 3,420 and 3,450 per quintal.
Ex-mill Sugar Prices as on January, 30 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470 to 3500 |
₹3550 to 3580 |
|
Karnataka |
₹3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3760 to 3840 |
|
Gujarat |
₹3611 to 3641 |
Old – ₹3581 to 3601 New – ₹3681 to 3701 |
|
Tamil Nadu |
₹3740 to 3820 |
₹3810 to 3825 |
|
Madhya Pradesh |
₹3960 to 3710 |
₹3740 to 3760 |
|
Punjab |
₹3850-3880 |
|
|
(All the above rates are excluding GST) |
||
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $663.30 ton, whereas the New York Sugar #11 front month contract is trading at 23.52 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.125 whereas USD was trading with BRL at 4.9624, Crude futures traded at ₹6324.00, Crude WTI traded at $75.97 barrel. Sensex closed 801.67 points upper at 71,139.90 whereas Nifty ended 215.50 points lower at 21,522.10.
