ChiniMandi, Mumbai: 9th June 2023
Domestic Market
Domestic sugar prices continued to trade firm
Domestic sugar prices remained firmer in major markets, owing to strong demand despite the delay in monsoon advance. Prices in Kolhapur (S grade) increased by Rs. 10 per quintal in the Rs. 3,410-3,440 per quintal range while prices in Muzaffarnagar (M grade) increased by Rs. 10 per quintal in the Rs. 3,670-3,690 per quintal range.
According to Agrimandi.live, prices are expected to trade steady 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, with a support level of Rs. 3,360 per quintal.
Meanwhile, the National Oceanic and Atmospheric Administration has declared El Nino for the upcoming season. The likelihood of a moderate El Nino is 84%, with a 56% chance of a stronger El Nino developing in Northern winters.
Ex-mill Sugar Prices as on June, 9 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3370 to 3415 |
₹3450 to 3495 |
|
Karnataka |
₹3540 to 3625 |
₹3675 |
|
Uttar Pradesh |
|
₹3615 to 3735 |
|
Gujarat |
₹3421 to 3461 |
₹3521 to 3541 |
|
Tamil Nadu |
₹3575 to 3650 |
₹3685 |
|
Madhya Pradesh |
₹3570 to 3610 |
₹3620 to 3660 |
|
Punjab |
₹3680 to 3731 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 9 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,916.50 |
|
Kanpur |
M/30 |
₹3,864.00 |
|
Kolhapur |
M/30 |
₹3,706.50 |
|
Kolkata |
M/30 |
₹3,969.00 |
|
Muzaffarnagar |
M/30 |
₹3,853.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $690.90 ton, whereas the New York Sugar #11 front month contract is trading at 25.87 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.473 whereas USD was trading with BRL at 4.9208, Crude futures traded at ₹5916, Crude WTI traded at $71.59 barrel. Sensex closed 223.01 points lower at 62625.63 whereas Nifty ended 71.15 points lower at 18563.40
News Round-Up
HPCL undertakes successful pilot study on E27 and ethanol blended diesel fuel
HPCL undertakes successful pilot study on E27 and ethanol blended diesel fuel
Pakistan: Prices of food items including sugar soared high in 2023 compared to 2022
Pakistan: Prices of food items including sugar soared high in 2023 compared to 2022
Meghalaya: BSF seized 11,000 kg of sugar meant to be smuggled to Bangladesh
Meghalaya: BSF seized 11,000 kg of sugar meant to be smuggled to Bangladesh
Karnataka CM directs officials to resolve water scarcity problem in various parts of state
Karnataka CM directs officials to resolve water scarcity problem in various parts of state
Indian Council of Agricultural Research signs MoU with Amazon Kisan to empower farmers
Indian Council of Agricultural Research signs MoU with Amazon Kisan to empower farmers
