ChiniMandi, Mumbai: 29th February 2024
Domestic Market
Steady sentiment reported in Domestic Sugar prices
Domestic sugar prices were reported to be stable across major growing regions due to strong demand. Despite rising temperatures, the major markets’ prices are supported by a lower quota than demand. The Food Ministry has announced a quota of 23.5 lakh tons for the month of March. However, the quota has increased by 1.5 lakh tons when compared to the previous month and the same month last year. Higher quotas, combined with expected higher production in Maharashtra and Karnataka, are likely to weigh on prices.
According to reports, S-grade sugar in Kolhapur sells 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 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, 29 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 |
₹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, 29 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 $627.90 ton, whereas the New York Sugar #11 front month contract is trading at 23.59 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.908 whereas USD was trading with BRL at 4.9819, Crude futures traded at ₹6522, Crude WTI traded at $78.67 barrel. Sensex closed 195.42 points higher at 72500.30 whereas Nifty ended 31.65 points higher at 21982.80
News Round-Up
Sugar recovery in Maharashtra increases marginally compared to previous season
Sugar recovery in Maharashtra increases marginally compared to previous season
Relief for sugar sector: One Time Settlement Scheme for SDF loans launched
Relief for sugar sector: One Time Settlement Scheme for SDF loans launched
Cabinet approves Rs 24,420 crore subsidy for Phosphatic and Potassic fertilizers for Kharif season
Cabinet approves Rs 24,420 crore subsidy for Phosphatic and Potassic fertilizers for Kharif season
