ChiniMandi, Mumbai: 31st May 2023
Domestic Market
Sugar prices steady in UP and Delhi, but fell in Kolhapur and Kolkata
Sugar prices were stable to weak due to higher-than-expected monthly quotas. The market expected the quota to be around 23 lakh tons, but the actual quota was reported to be 23.5 lakh tons. Muzaffarnagar (M grade) prices traded at Rs 3,650-3,660 per quintal, while Kolhapur (S grade) prices fell by Rs 5 to Rs 3,425 per quintal.
According to Agrimandi.live, prices will remain stable to firm due to strong demand, with little room for decline. Prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal in the near future.
Government Announcement
In a notification issued on 30th day of May 2023, the food ministry has allocated 23.50 LMT monthly sugar quota for June 2023 to 560 sugar mills.
Ex-mill Sugar Prices as on May, 31 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3395 |
₹3485 to 3495 |
|
Karnataka |
₹3525 to 3625 |
₹3675 |
|
Uttar Pradesh |
|
₹3605 to 3715 |
|
Gujarat |
₹3481 to 3521 |
₹3571 to 3591 |
|
Tamil Nadu |
₹3565 to 3650 |
₹3660 |
|
Madhya Pradesh |
₹3535 to 3575 |
₹3600 to 3645 |
|
Punjab |
₹3710 to 3771 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 31 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,906.00 |
|
Kanpur |
M/30 |
₹3,853.50 |
|
Kolhapur |
M/30 |
₹3696.00 |
|
Kolkata |
M/30 |
₹3958.50 |
|
Muzaffarnagar |
M/30 |
₹3,837.75 |
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 25.16 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.742 whereas USD was trading with BRL at 5.0715, Crude futures traded at ₹5606, Crude WTI traded at $67.59/barrel. Sensex closed 346.89 points lower at 62622.24 whereas Nifty ended 99.45 points lower at 18534.40
News Round-Up
Madhya Pradesh: Fire breaks out on premises of sugar mill
Sugarcane farmers demand interest on pending cane dues
India aims for increased refining capacity with focus on 20 MTPA refineries: Union Minister Hardeep Puri
Cabinet nod to Inter-Ministerial Committee for facilitating world’s largest grain storage plan in cooperative sector
