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 |
₹3620 to 3650 |
₹3670 to 3680 |
|
Karnataka |
₹3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3720 to 3825 |
|
Gujarat |
₹3601 to 3641 |
₹3681 to 3721 |
|
Tamil Nadu |
₹3775 to 3875 |
₹3835 to 3900 |
|
Madhya Pradesh |
₹3750 to 3780 |
₹3840 to 3850 |
|
Punjab |
₹3980 to 4081 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on December, 11 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,095.00 |
|
Kanpur |
M/30 |
₹4,053.00 |
|
Kolhapur |
M/30 |
₹3,885.00 |
|
Kolkata |
M/30 |
₹4,084.50 |
|
Muzaffarnagar |
M/30 |
₹4,053.00 |
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 ₹5936, 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
