Daily Sugar Market Update By Vizzie – 15/06/2023

ChiniMandi, Mumbai: 15th June 2023

Domestic Market

Sugar prices reported stable on good demand

Sugar prices in the major markets remained stable due to strong demand. Demand in Maharashtra is reported to be very good, on the back of above normal temperatures. Prices in Kolhapur’s major markets (S grade) ranged from Rs 3,385 to Rs 3,440, while Muzaffarnagar’s (M grade) prices ranged from Rs 3,660 to Rs 3,680. In Maharashtra, resale sugar was traded at Rs 3,370 per quintal.

According to Agrimandi.live, prices are expected to trade steady to firm due to strong demand. In the near future, prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal, with a support level of Rs 3,360 per quintal.

Ex-mill Sugar Prices as on June, 15 2023 :

Destination-wise Spot Prices as on June, 15 2023 :

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $687.00 ton, whereas the New York Sugar #11 front month contract is trading at 25.89 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 82.202 whereas USD was trading with BRL at 4.8161, Crude futures traded at ₹5669, Crude WTI traded at $69.10 barrel. Sensex closed 310.88 points lower at 62917.63 whereas Nifty ended 67.80 points lower at 18688.10

News Round-Up

Sugar mills clear 98.77 per cent of cane dues to farmers

Sugar mills clear 98.77 per cent of cane dues to farmers

Mawana mill clears cane dues of Rs 38.43 crore

Mawana mill clears cane dues of Rs 38.43 crore

India sending 20,000 metric tons of wheat to Afghanistan amid humanitarian crisis in country

India sending 20,000 metric tons of wheat to Afghanistan amid humanitarian crisis in country

Rain is deficient in 50 per cent of districts in India

Rain is deficient in 50 per cent of districts in India

Sensex ends 311 points lower, Nifty below 18,700

Sensex ends 311 points lower, Nifty below 18,700