ChiniMandi, Mumbai: 23rd January 2024
Domestic Market
Domestic sugar prices continued to trade weak
Sugar prices were reported to be down another Rs 5-10 per quintal in the major markets due to low demand. The price drop is greater in Uttar Pradesh than in other centers. Sugar production in Uttar Pradesh is expected to remain higher year on year, which will put pressure on prices in the coming days.
In Muzaffarnagar, M-grade sugar costs between Rs 3,750 and Rs 3,820 per quintal, whereas in Kolhapur, S-grade sugar costs between Rs 3,480 and Rs 3,550. Agrimandi forecasts that S grade sugar in Kolhapur markets will trade between Rs 3,450 and Rs 3,560 per quintal over the next two weeks.
Ex-mill Sugar Prices as on┬а January, 23 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
тВ╣3470 to 3500 |
тВ╣3550 to 3580 |
|
Karnataka |
тВ╣3680 to 3700 |
тВ╣3740 to 3750 |
|
Uttar Pradesh |
|
тВ╣3760 to 3840 |
|
Gujarat |
тВ╣3611 to 3641 |
Old – тВ╣3581 to 3601 New – тВ╣3681 to 3701 |
|
Tamil Nadu |
тВ╣3725 to 3800 |
тВ╣3825 |
|
Madhya Pradesh |
тВ╣3710 to 3720 |
тВ╣3750 to 3770 |
|
Punjab |
тВ╣3900 to 3940 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 23 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
тВ╣4,000.50 |
|
Kanpur |
M/30 |
тВ╣3,958.50 |
|
Kolhapur |
M/30 |
тВ╣3,806.25 |
|
Kolkata |
M/30 |
тВ╣4,016.25 |
|
Muzaffarnagar |
M/30 |
тВ╣3,953.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $664.10 ton, whereas the New York Sugar #11 front month contract is trading at 23.54 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.124 whereas USD was trading with BRL at 4.9698, Crude futures traded at тВ╣6129, Crude WTI traded at $73.45 barrel. Sensex closed 1053.10 points lower at 70370.55 whereas Nifty ended 333.00 points lower at 21238.80
News Round-Up
ISMA requests government to allow additional 10-12 lakh tonnes of sugar diversion towards ethanol production
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Airbus ready to invest in India to accelerate, push SAF production
