ChiniMandi, Mumbai: 21st March 2024
Domestic Market
Weak sentiment continued in Domestic sugar prices
Weak sentiment persisted in major markets due to low demand for the second session. Prices in the major markets of Uttar Pradesh and Kolhapur decreased by Rs 5-10 per quintal. Prices have remained under pressure as the crushing season has been extended, increasing sugar production.
M-grade sugar in Muzaffarnagar ranges from Rs 3,765 to Rs 3,800 per quintal, while S-grade sugar in Kolhapur is expected to cost between Rs 3,415 and Rs 3,450. 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 prices in Solapur range between Rs 3,360 and Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 21 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3470 |
₹3500 to 3550 |
|
Karnataka |
₹3600 |
– |
|
Uttar Pradesh |
|
₹3765 to 3800 |
|
Gujarat |
₹3481 to 3521 |
₹3531 to 3581 |
|
Tamil Nadu |
₹3575 to 3660 |
₹3660 |
|
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, 21 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,011.00 |
|
Kanpur |
M/30 |
₹3,963.75 |
|
Kolhapur |
M/30 |
₹3,722.25 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
Muzaffarnagar |
M/30 |
₹3,958.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $633.70 ton, whereas the New York Sugar #11 front month contract is trading at 21.94 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.119 whereas USD was trading with BRL at 4.9667, Crude futures traded at ₹6718, Crude WTI traded at $80.72 barrel. Sensex closed 539.50 points higher at 72641.19 whereas Nifty ended 172.85 points higher at 22011.95
News Round-Up
Simbhaoli Sugars loan case: Supreme Court sets aside Allahabad High Court’s order for CBI probe
Simbhaoli Sugars loan case: Supreme Court sets aside Allahabad High Court’s order for CBI probe
Hapur: Sugar mill receives less sugarcane this season
Government e-marketplace made record procurement of Rs 3.89 lakh crore this year: Additional CEO GeM
Government e-marketplace made record procurement of Rs 3.89 lakh crore this year: Additional CEO GeM
