Domestic Market
Firm sentiment reported in domestic sugar prices
Domestic sugar prices reported firm for the second session on good demand. Prices at major centres saw a uptick of Rs 10-15 per Qtl. The Food ministry has announced the quota for the month of April, almost 3 to 4 days earlier than normal in order to curb the price rise. The food ministry has allocated 24 LMT monthly sugar quota for May 2023 to 558 sugar mills which is 1.5 LMT higher than the quantity allocated in May 2022.
According to Agrimandi.live, prices are expected to trade lower due to higher quota announcement for the month of May. Initially, downside is expected to be Rs 20-30 per Qtl on the back of limited supply availability.
Meanwhile, ISMA reduced Indian Sugar production to 32.8 MMT.
Ex-mill Sugar Prices as on April, 26 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3410 to 3420 |
₹3510 to 3520 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3451 to 3471 |
₹3521 to 3541 |
|
Tamil Nadu |
₹3545 to 3620 |
₹3620 to 3650 |
|
Madhya Pradesh |
₹3610 to 3655 |
₹3680 to 3725 |
|
Punjab |
₹3725 to 3751 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 26 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,885.00 |
|
Kanpur |
M/30 |
₹3,843.00 |
|
Kolhapur |
M/30 |
₹3,675.00 |
|
Kolkata |
M/30 |
₹4,042.50 |
|
Muzaffarnagar |
M/30 |
₹3,811.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $701.70/ton, whereas the New York Sugar #11 front month contract is trading at 26.63 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.746 whereas USD was trading with BRL at 5.0659, Crude futures traded at ₹6311, Crude WTI traded at $76.48/barrel. Sensex closed 169.87 points higher at 60300.58 whereas Nifty ended 44.35 points higher at 17813.60.
News Round-Up
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