ChiniMandi, Mumbai: 04th March 2024
Domestic Market
Weak sentiment reported in Domestic Sugar prices
Domestic sugar prices fell by Rs 5-10 per quintal across the major markets, indicating a weak sentiment. A smaller increase in monthly quotas in Uttar Pradesh, combined with rumors of an early closure, is supporting prices in the state compared to Maharashtra. The monthly quota for Uttar Pradesh is 0.6% higher than Maharashtra’s, which is 12% higher. Furthermore, the delayed closure of mills in Maharashtra is putting pressure on prices.
M-grade sugar in Muzaffarnagar costs between Rs 3,740 and Rs 3,780 per quintal, while S-grade sugar in Kolhapur is said to be priced between Rs 3,400 and Rs 3,440 per quintal. According to Agrimandi, the price of S grade sugar in the Kolhapur market will most likely fall between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. Prices in Solapur, however, were said to range between Rs 3,330 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 04 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3370 to 3420 |
₹3450 to 3500 |
|
Karnataka |
₹3580 to 3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3740 to 3790 |
|
Gujarat |
₹3461 to 3501 |
₹3511 to 3561 |
|
Tamil Nadu |
₹3565 to 3840 |
₹3640 to 3700 |
|
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, 04 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,995.25 |
|
Kanpur |
M/30 |
₹3,942.75 |
|
Kolhapur |
M/30 |
₹3,738.00 |
|
Kolkata |
M/30 |
₹3,984.75 |
|
Muzaffarnagar |
M/30 |
₹3,948.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $607.50 ton, whereas the New York Sugar #11 front month contract is trading at 21.29 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.880 whereas USD was trading with BRL at 4.9545, Crude futures traded at ₹6594, Crude WTI traded at $79.53 barrel. Sensex closed 66.14 points higher at 73872.29 whereas Nifty ended 27.20 points higher at 22405.60
News Round-Up
Season 2023-24: Latest sugar production updates by ISMA
Pakistan Sugar Mills Association urges govt to withdraw regulatory duty imposed on molasses exports
Pakistan Sugar Mills Association urges govt to withdraw regulatory duty imposed on molasses exports
PM Modi to lay foundation for series of projects today, including ethanol and Green Hydrogen
PM Modi to lay foundation for series of projects today, including ethanol and Green Hydrogen
