ChiniMandi, Mumbai: 31st March 2023
Government Announcement
In a notification issued on 29th day of March 2023, the food ministry has allocated 22 LMT monthly sugar quota for April 2023 to 525 sugar mills which is the same quantity allocated sugar quota in April 2023.
Domestic Market
Domestic sugar prices which have been firmer in the second half of March 2023 and have shown more strength after the announcement of the monthly release order for sale of sugar in the month of April 2023. Supplies in the domestic market have been tighter with summer demand coming in and with lower crop this season especially in big sugar producing states of Maharashtra & Karnataka.
Ex-mill Sugar Prices as on March, 31 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3230 to 3250 |
₹3330 to 3360 |
|
Karnataka |
₹3500 |
₹3550 |
|
Uttar Pradesh |
|
₹3575 to 3625 |
|
Gujarat |
₹3291 to 3331 |
₹3361 to 3401 |
|
Tamil Nadu |
₹3450 to 3500 |
₹3500 to 3550 |
|
Madhya Pradesh |
₹3410 to 3500 |
₹3480 to 3510 |
|
Punjab |
₹3630 to 3680 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on March, 31 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3832.50 |
|
Kanpur |
M/30 |
₹3780 |
|
Kolhapur |
M/30 |
₹3570 |
|
Kolkata |
M/30 |
₹3990 |
|
Muzaffarnagar |
M/30 |
₹3748.50 |
International Market
Sugar prices rallied on strengthened crude prices and tighter global supplies. At the time of writing this update London White Sugar #5 front month contract is trading at $621.10/ton, whereas the New York Sugar #11 front month contract is trading at 21.83 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.141 whereas USD was trading with BRL at 5.0832, Crude futures traded at ₹6157, Crude WTI traded at $74.90/barrel. Sensex closed 1031.43 points higher at 58,991.52 whereas Nifty ended 279.05 points higher at 17,359.75.
News Round-Up
Foreign Trade policy 2023 will make exporters more competitive: DGFT
Foreign Trade policy 2023 will make exporters more competitive: DGFT
Ethanol production: Shree Renuka Sugars commences commercial production of its expanded capacity units
Direct importation of sugar is an economic disaster: SAVE-SIM
Direct importation of sugar is an economic disaster: SAVE-SIM
Domestic sugar prices strengthen on tight supply, strong demand
Domestic sugar prices strengthen on tight supply, strong demand
Govt. fixes 22 LMT monthly sugar quota for domestic sale in April 2023
Govt. fixes 22 LMT monthly sugar quota for domestic sale in April 2023
India’s agricultural exports during Apr-Jan 2022-23 increase 6 pc to USD 43.37 bln
India’s agricultural exports during Apr-Jan 2022-23 increase 6 pc to USD 43.37 bln
