ChiniMandi, Mumbai: 8th May 2023
Domestic Market
Domestic sugar prices remained stable
Domestic sugar prices traded steady on good demand in major markets. Light rains were reported over cane growing regions of South India during the week, and light rains are likely over cane belts of Maharashtra in the coming week. These rains should prove beneficial for cane development. Prices at Kolhapur traded in the range of Rs 3,400-3,440 per Qtl while in Muzaffarnagar, prices were in the range of Rs 3,610-3,640 per Qtl.
According to Agrimandi.live, prices are expected to trade steady with a positive bias in the coming days. Lower supply is likely to keep prices supported in the coming months.
Ex-mill Sugar Prices as on May, 8 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3420 |
₹3500 to 3530 |
|
Karnataka |
₹3500 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3425 to 3461 |
₹3505 to 3531 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3620 to 3650 |
|
Madhya Pradesh |
₹3551 to 3625 |
₹3621 to 3695 |
|
Punjab |
₹3690 to 3721 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 8 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,879.75 |
|
Kanpur |
M/30 |
₹3,827.25 |
|
Kolhapur |
M/30 |
₹3,690.75 |
|
Kolkata |
M/30 |
₹4,000.50 |
|
Muzaffarnagar |
M/30 |
₹3,806.25 |
International Market
At the time of writing this update London White Sugar is not trading today on occasion of King’s Coronation, whereas the New York Sugar #11 front month contract is trading at 26.32 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.790 whereas USD was trading with BRL at 4.9531, Crude futures traded at ₹5978, Crude WTI traded at $73.00/barrel. Sensex closed 709.96 points higher at 61764.25 whereas Nifty ended 195.40 points higher at 18264.40
News Round-Up
Sharad Pawar inaugurates bio-CNG project at Vitthal Cooperative sugar mill
Sharad Pawar inaugurates bio-CNG project at Vitthal Cooperative sugar mill
IFFCO Integrating drone, Nano and AI technologies for smart farming to make Aatmanirbhar Krishi
IFFCO Integrating drone, Nano and AI technologies for smart farming to make Aatmanirbhar Krishi
Sugar mills in Maharashtra focus on ethanol production
Increase in ethanol production help sugar mills in making faster cane payments
Increase in ethanol production help sugar mills in making faster cane payments
Sensex ends 709 points higher, Nifty above 18,250
Coal India’s 2022-23 net profits rise 62 per cent
