ChiniMandi, Mumbai: 28th February 2024
Domestic Market
Steady to firm sentiment reported in Domestic Sugar prices
Domestic sugar prices were reported to be stable across major growing regions, with the exception of Kolhapur, where prices increased by Rs 5 per quintal. Despite a sharp increase in temperatures, the major markets’ prices are supported by a lower quota than demand. Indian sugar production is expected to reach 32 MMT as a result of increased production in Maharashtra and Karnataka.
According to reports, S-grade sugar in Kolhapur trades for between Rs 3,410 and Rs 3,450 per quintal, 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 in the coming two weeks. However, prices per quintal in Solapur were reported to range between Rs 3,330 and Rs 3,400.
Ex-mill Sugar Prices as on February, 28 2024 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3460 |
₹3490 to 3540 |
|
Karnataka |
₹3600 |
₹3650 |
|
Uttar Pradesh |
|
₹3750 to 3790 |
|
Gujarat |
₹3491 to 3521 |
₹3541 to 3581 |
|
Tamil Nadu |
₹3565 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, 28 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,990.00 |
|
Kanpur |
M/30 |
₹3,948.00 |
|
Kolhapur |
M/30 |
₹3,743.25 |
|
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 $634.40 ton, whereas the New York Sugar #11 front month contract is trading at 23.80 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.910 whereas USD was trading with BRL at 4.9452, Crude futures traded at ₹6479, Crude WTI traded at $78.11 barrel. Sensex closed 790.34 points lower at 72304.88 whereas Nifty ended 247.20 points lower at 21951.15
News Round-Up
2023-24 season: ISO increases forecast for global sugar deficit
2023-24 season: ISO increases forecast for global sugar deficit
Farmers to receive training in modern sugarcane cultivation techniques
Farmers to receive training in modern sugarcane cultivation techniques
Sikkim earmarked as green hydrogen source
