ChiniMandi, Mumbai: 11th December 2023
Domestic Market
Weak sentiment witnessed in domestic sugar prices
Sugar prices in major domestic markets have been reported to be low across the board. Prices in the major markets were reported to be lower by Rs 10-30 per quintal. Crushing season is underway, despite the prohibition on producing ethanol from direct cane juice. At these prices, demand is thought to be low. Because prices are expected to remain low during the current crushing season, buyers prefer hand to mouth.
In Kolhapur, S-grade sugar costs between Rs 3,540 and Rs 3,620 per quintal, while M-grade sugar costs between Rs 3,860 and Rs 3,920. According to Agrimandi, S grade sugar will trade for between Rs 3,450 and Rs 3,650 in Kolhapur markets over the next two weeks.
Ex-mill Sugar Prices as on December, 11 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3620 to 3650 |
โน3670 to 3680 |
|
Karnataka |
โน3700 |
โน3750 |
|
Uttar Pradesh |
|
โน3720 to 3825 |
|
Gujarat |
โน3601 to 3641 |
โน3681 to 3721 |
|
Tamil Nadu |
โน3775 to 3875 |
โน3835 to 3900 |
|
Madhya Pradesh |
โน3750 to 3780 |
โน3840 to 3850 |
|
Punjab |
โน3980 to 4081 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 11 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน4,095.00 |
|
Kanpur |
M/30 |
โน4,053.00 |
|
Kolhapur |
M/30 |
โน3,885.00 |
|
Kolkata |
M/30 |
โน4,084.50 |
|
Muzaffarnagar |
M/30 |
โน4,053.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $643.60 ton, whereas the New York Sugar #11 front month contract is trading at 22.70 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.372 whereas USD was trading with BRL at 4.9473, Crude futures traded at โน5936, Crude WTI traded at $71.03 barrel. Sensex closed 102.93 points higher at 69928.53 whereas Nifty ended 27.70 points higher at 20997.10
News Round-Up
Curb on cane juice for ethanol may reduce blending but boost sugar production: Crisil
Curb on cane juice for ethanol may reduce blending but boost sugar production: Crisil
Sugar producers in Philippines appeal for government intervention amid falling prices
Sugar producers in Philippines appeal for government intervention amid falling prices
Ajit Pawar meets Nitin Gadkari to discuss ban on ethanol from sugarcane juice
Ajit Pawar meets Nitin Gadkari to discuss ban on ethanol from sugarcane juice
Goa: Dharbandora sugarcane farmers demand revamp of closed sugar factory
Goa: Dharbandora sugarcane farmers demand revamp of closed sugar factory
Sensex ends 103 points higher, Nifty nears 21,000
