ChiniMandi, Mumbai: 24th April 2023
Domestic Market
Sluggish demand kept sugar prices weaker
Domestic sugar prices continued to quote weak on subdued demand. Lesser retail demand continued to weigh on the domestic sugar prices in the spot market. Prices at major centres are reported lower around Rs 20-30 per Qtl.
As per Agrimandi.live, prices are expected to trade steady with positive bias, with limited downside due to short supply. We anticipate that the government may consider to allocate 23-23.50 lakh tons of sugar for the month of May, higher by 0.5-1.0 lakh tons y/y to keep prices under check.
Ex-mill Sugar Prices as on April, 24 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3410 |
₹3520 to 3540 |
|
Karnataka |
₹3530 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3660 |
|
Gujarat |
₹3461 to 3501 |
₹3531 to 3571 |
|
Tamil Nadu |
₹3545 to 3620 |
₹3620 to 3650 |
|
Madhya Pradesh |
₹3600 to 3645 |
₹3670 to 3715 |
|
Punjab |
₹3745 to 3801 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 24 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,867.15 |
|
Kanpur |
M/30 |
₹3,816.75 |
|
Kolhapur |
M/30 |
₹3,664.50 |
|
Kolkata |
M/30 |
₹4,025.70 |
|
Muzaffarnagar |
M/30 |
₹3,790.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $682.40/ton, whereas the New York Sugar #11 front month contract is trading at 24.97 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.913 whereas USD was trading with BRL at 5.0493, Crude futures traded at ₹6392, Crude WTI traded at $77.66/barrel. Sensex closed 401.04 points higher at 60056.10 whereas Nifty ended 119.35 points higher at 17743.40
News Round-Up
World Sugar Market – Weekly Comment – Episode 86
Philippines: Sugarcane waste to be used in producing natural woven fabric
Philippines: Sugarcane waste to be used in producing natural woven fabric
Goa: Sugarcane farmers associated with Sanjivani sugar mill gets part compensation
Goa: Sugarcane farmers associated with Sanjivani sugar mill gets part compensation
Ethanol destroyed in fire in sugar mill’s distillery unit
Light rain likely in parts of Uttar Pradesh: IMD
