ChiniMandi, Mumbai: 01st March 2024
Domestic Market
Steady sentiment continued in Domestic Sugar prices
Domestic sugar prices were said to be stable in major growing regions due to high demand. Despite rising temperatures, the major markets’ prices are supported by a smaller quota than demand. The Food Ministry has set a quota of 23.5 lakh tons for the month March. However, the quota has increased by 1.5 lakh tons over the previous month and the same month last year. Higher quotas, combined with expected higher production in Maharashtra and Karnataka, are likely to put pressure on prices.
According to reports, S-grade sugar in Kolhapur sells for Rs 3,410 to 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 in the coming two weeks. However, prices per quintal in Solapur were reported to range between Rs 3,330 and Rs 3,400.
Ex-mill Sugar Prices as on March, 01 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3460 |
₹3490 to 3540 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3750 to 3790 |
|
Gujarat |
₹3491 to 3521 |
₹3541 to 3581 |
|
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 March, 01 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,743.25 |
|
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 $607.40 ton, whereas the New York Sugar #11 front month contract is trading at 21.45c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.880 whereas USD was trading with BRL at 4.9629, Crude futures traded at ₹6586, Crude WTI traded at $79.50 barrel. Sensex closed 1245.05 points higher at 73745.35 whereas Nifty ended 355.95 points higher at 22338.75
News Round-Up
Season 2023-24: 71 mills close crushing operations; sugar production surpasses 254 lakh tonnes
Season 2023-24: 71 mills close crushing operations; sugar production surpasses 254 lakh tonnes
Sugarcane department replaces disease-prone varieties with improved ones
Sugarcane department replaces disease-prone varieties with improved ones
NFCSF meets Union Food Secretary to discuss key issues including sugar MSP, ethanol, and sugar quota
NFCSF meets Union Food Secretary to discuss key issues including sugar MSP, ethanol, and sugar quota
