ChiniMandi, Mumbai: 27th February 2024
Domestic Market
Domestic Sugar prices reported to be stable
Domestic sugar prices reported to be stable across the major growing regions after a weak session. Buyers prefer hand-to-mouth as sugar production is expected to rise which is weighing on the price. Indian sugar production is expected to reach 32 MMT on the back of increased production in Maharashtra and Karnataka.
According to reports, the S-grade sugar trades in ranges between Rs 3,400 and Rs 3,450 per quintal in Kolhapur, while M-grade sugar in Muzaffarnagar costs between Rs 3,730 and Rs 3,780 per quintal. According to Agrimandi, the price of S grade sugar in the Kolhapur market will most likely range between Rs 3,400 and Rs 3,550 per quintal over the next two weeks. However, prices per quintal in Solapur were reported to be between Rs 3,330 and Rs 3,400.
Ex-mill Sugar Prices as on February, 27 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3450 |
₹3480 to 3530 |
|
Karnataka |
₹3560 to 3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3750 to 3790 |
|
Gujarat |
₹3501 to 3531 |
₹3561 to 3601 |
|
Tamil Nadu |
₹3600 to 3900 |
₹3670 to 3950 |
|
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 February, 27 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,738.00 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
Muzaffarnagar |
M/30 |
₹3,942.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $624.90 ton, whereas the New York Sugar #11 front month contract is trading at 23.22 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.889 whereas USD was trading with BRL at 4.9744, Crude futures traded at ₹6423, Crude WTI traded at $77.37 barrel. Sensex closed 305.09 points higher at 73095.22 whereas Nifty ended 76.30 points higher at 22198.35
News Round-Up
Amid hike in sugarcane FRP, industry urges government to increase sugar MSP
Amid hike in sugarcane FRP, industry urges government to increase sugar MSP
India’s bold move towards energy independence: CBG emerges as a game-changer
India’s bold move towards energy independence: CBG emerges as a game-changer
Sugar production in Maharashtra reaches more than 88 lakh tonnes
Sugar production in Maharashtra reaches more than 88 lakh tonnes
