Domestic sugar prices reported to be stable
Sugar prices were said to be stable in major markets due to weak demand at tender rates, but there was strong demand at lower rates because markets are expected to close for the next three days. Sugar production in Uttar Pradesh is expected to remain high year after year, putting pressure on prices in the near future.
M-grade sugar in Muzaffarnagar costs between Rs 3,760 and Rs 3,820 per quintal, while S-grade sugar in Kolhapur costs between Rs 3,480 and Rs 3,550 per quintal. Agrimandi expects S grade sugar in Kolhapur markets to trade between Rs 3,450 and Rs 3,560 per quintal in the next two weeks. However, in Solapur, prices were reported to be between Rs 3,410 and 3,440 per quintal.
According to the ISMA, sugar production till 15th January’2024 in the current 2023-24 SS reached 149.52 lakh tonnes, against 157.87 lakh tonnes produced last year on the corresponding date. Number of operating factories are 520 this year against 515 mills which operated last year on the corresponding date.
Meanwhile, In cycle 2, Oil Marketing Companies (OMCs) have invited bids for the supply of approximately 267 crore litres of Denatured Anhydrous Ethanol for ESY 2023-24. Bidders are asked to submit quotes for ethanol production using only C-Heavy Molasses (CHM), Damaged Food Grain (DFG), and maize only.
Ex-mill Sugar Prices as on January, 25 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3470 to 3500 |
₹3550 to 3580 |
|
Karnataka |
₹3700 |
₹3750 |
|
Uttar Pradesh |
|
₹3760 to 3840 |
|
Gujarat |
₹3611 to 3641 |
Old – ₹3581 to 3601 New – ₹3681 to 3701 |
|
Tamil Nadu |
₹3730 to 3820 |
₹3825 |
|
Madhya Pradesh |
₹3710 to 3720 |
₹3750 to 3770 |
|
Punjab |
₹3900 to 3940 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on January, 25, 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,958.50 |
|
Kolhapur |
M/30 |
₹3,806.25 |
|
Kolkata |
M/30 |
₹4,016.25 |
|
Muzaffarnagar |
M/30 |
₹3,953.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $683.10 ton, whereas the New York Sugar #11 front month contract is trading at 24.46 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.122 whereas USD was trading with BRL at 4.9195, Crude futures traded at ₹6327, Crude WTI traded at $75.97 barrel. Sensex closed 359.64 points lower at 70,700.67 whereas Nifty ended 101.35 points down at 21,352.60.
