ChiniMandi, Mumbai: 15th March 2024
Domestic Market
Domestic sugar prices were reported weak
Domestic sugar prices are reported to be weak after remaining firm for 2-3 sessions due to lower demand at higher price levels. Furthermore, slower mill closures are putting downward pressure on domestic sugar prices. Prices have dropped by Rs 10 per quintal in the major markets.
M-grade sugar in Muzaffarnagar ranges between Rs 3,760 and Rs 3,800 per quintal, whereas S-grade sugar in Kolhapur is expected to cost between Rs 3,430 and Rs 3,470. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall to between Rs 3,400 and Rs 3,480 per quintal within the next two weeks. Sugar grades in Solapur range between Rs 3,360 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 15 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
тВ╣3420 to 3470 |
тВ╣3500 to 3550 |
|
Karnataka |
тВ╣3600 |
– |
|
Uttar Pradesh |
|
тВ╣3780 to 3810 |
|
Gujarat |
тВ╣3491 to 3531 |
тВ╣3541 to 3591 |
|
Tamil Nadu |
тВ╣3600 to 3680 |
тВ╣3675 to 3700 |
|
Madhya Pradesh |
тВ╣3700 to 3720 |
тВ╣3750 to 3770 |
|
Punjab |
тВ╣3825 to 3880 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on March, 15 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
тВ╣4,032.00 |
|
Kanpur |
M/30 |
тВ╣3,979.50 |
|
Kolhapur |
M/30 |
тВ╣3,748.50 |
|
Kolkata |
M/30 |
тВ╣4,011.00 |
|
Muzaffarnagar |
M/30 |
тВ╣3,974.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $619.10 ton, whereas the New York Sugar #11 front month contract is trading at 21.84 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.891 whereas USD was trading with BRL at 4.9985, Crude futures traded at тВ╣6706, Crude WTI traded at $81.25 barrel. Sensex closed 453.85 points lower at 72643.43 whereas Nifty ended 123.30 points lower at 22023.35
News Round-Up
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Season 2023-24: Sugar production in Maharashtra crosses 100 lakh tonnes; 43 mills end operations
Season 2023-24: Sugar production in Maharashtra crosses 100 lakh tonnes; 43 mills end operations
Stock markets retreat dragging sugar stocks with them
Season 2023-24: 164 mills end crushing operations; sugar production nears 280 lakh tonnes
ESY 2023-24: Oil Marketing Companies invite bid for 151 crore litres of ethanol
