ChiniMandi, Mumbai: 06th March 2024
Domestic Market
Weak sentiment continued in Domestic Sugar prices
Domestic sugar prices fell by Rs 5-10 per quintal in the major markets, indicating a negative sentiment. Demand is said to be low because buyers prefer hand-to-mouth over prolonged crushing. In addition, As on March 5, Maharashtra’s sugar production is reported to be 94.47 LMT, with a crushing of 937.4 LMT of cane. Approximately 20 mills have closed operations as of today, compared to 70 mills last year.
M-grade sugar in Muzaffarnagar costs between Rs 3,735 and Rs 3,770 per quintal, while S-grade sugar in Kolhapur is estimated to cost between Rs 3,400 and Rs 3,440 per quintal. According to Agrimandi, the price of S grade sugar in the Kolhapur market is expected to fall between Rs 3,400 and Rs 3,480 per quintal in the coming two weeks. Prices in Solapur, however, are said to be between Rs 3,330 and Rs 3,380 per quintal.
Ex-mill Sugar Prices as on March, 06 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3360 to 3410 |
₹3440 to 3490 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3740 to 3770 |
|
Gujarat |
₹3441 to 3481 |
₹3491 to 3541 |
|
Tamil Nadu |
₹3565 to 3800 |
₹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, 06 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,984.75 |
|
Kanpur |
M/30 |
₹3,932.25 |
|
Kolhapur |
M/30 |
₹3,727.50 |
|
Kolkata |
M/30 |
₹3,974.25 |
|
Muzaffarnagar |
M/30 |
₹3,932.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $592.20 ton, whereas the New York Sugar #11 front month contract is trading at 20.83 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.846 whereas USD was trading with BRL at 4.9586, Crude futures traded at ₹6534, Crude WTI traded at $78.84 barrel. Sensex closed 408.86 points higher at 74085.99 whereas Nifty ended 117.75 points higher at 22474.05
News Round-Up
Niti Aayog Report: India’s sugar production set to outstrip demand, paving the way for sustained exports and ethanol diversion
“Government working very closely with sugar industry to facilitate further investments into sector to ensure diversification”
Sugar mills in Punjab owe 665 crore to sugarcane growers
