Domestic sugar prices remain stable.
Domestic sugar prices in major markets have been reported to be stable, owing to strong demand despite the increased monthly sales quota. In comparison to the previous month’s quota of 23.5 lakh tons, the Food Ministry has allocated 25 lakh tons for April 2024.
Meanwhile, as of March 27, Maharashtra mills had produced 105.92 LMT of sugar, an increase from 104.79 LMT in the previous season during same period. 120 sugar mills have closed the sugarcane crushing operations till now.
In Muzaffarnagar, M-grade sugar costs between Rs 3,760 and Rs 3,790 per quintal, while S-grade sugar is expected to cost between Rs 3,400 and Rs 3,440. Agrimandi expects the price of S grade sugar in the Kolhapur market to fall to between Rs 3,380 and Rs 3,460 per quintal within the next two weeks. Sugar grades in Solapur range from Rs 3360 to Rs 3,400 per quintal.
Ex-mill Sugar Prices as on March, 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 |
|
₹3760 to 3790 |
|
Gujarat |
₹3471 to 3501 |
₹3521 to 3561 |
|
Tamil Nadu |
₹3600 to 3700 |
₹3725 |
|
Madhya Pradesh |
₹3600 to 3610 |
₹3650 to 3660 |
|
Punjab |
₹3825 to 3860 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on March, 28 2024 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,953.25 |
|
Kolhapur |
M/30 |
₹3,717.00 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
Muzaffarnagar |
M/30 |
₹3,948.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $658.30 ton, whereas the New York Sugar #11 front month contract is trading at 22.55 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.366 whereas USD was trading with BRL at 4.9839, Crude futures traded at ₹6859, Crude WTI traded at $82.28 barrel. Sensex closed 639.16 points higher at 73,635.48 whereas Nifty ended 203.25 points higher at 22,326.90.
