ChiniMandi, Mumbai: 19th June 2023
Domestic Market
Firm sentiment reported in domestic sugar prices
Sugar prices in major markets were reported to be firm due to strong demand. Prices in the major markets increased by Rs 10-15 per quintal. Prices in Kolhapur (S grade) were in the Rs 3,400-3,440 range, while prices in Muzaffarnagar (M grade) were in the Rs 3,630-3,660 range.
Prices are expected to trade stable to firm due to strong demand, according to Agrimandi.live. 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. However, rainfall activity is expected to pick up in the third week of June, with forecasts predicting moderate to heavy rains across major cane growing belts.
Ex-mill Sugar Prices as on June, 19 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3405 to 3435 |
₹3505 to 3535 |
|
Karnataka |
₹3575 to 3625 |
– |
|
Uttar Pradesh |
|
₹3610 to 3735 |
|
Gujarat |
₹3461 to 3501 |
₹3561 to 3581 |
|
Tamil Nadu |
₹3590 to 3700 |
₹3670 |
|
Madhya Pradesh |
₹3590 to 3615 |
₹3660 to 3685 |
|
Punjab |
₹3710 to 3761 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 19 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3916.50 |
|
Kanpur |
M/30 |
₹3858.75 |
|
Kolhapur |
M/30 |
₹3717.00 |
|
Kolkata |
M/30 |
₹3963.75 |
|
Muzaffarnagar |
M/30 |
₹3853.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $703.70 ton, whereas the New York Sugar #11 front month contract is trading at 26.43 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.935 whereas USD was trading with BRL at 4.8191, Crude futures traded at ₹5895, Crude WTI traded at $71.78 barrel. Sensex closed 216.28 points lower at 63168.30 whereas Nifty ended 70.55 points lower at 18755.45
News Round-Up
Bangladesh: Sugar shortage in domestic market
Pakistan: Sugar prices in Khushab district remain high due to local sugar mafia
Pakistan: Sugar prices in Khushab district remain high due to local sugar mafia
Sugarcane survey to be conducted using GPS technology
Farmers in Kutch’s Bhuj suffer huge losses due to cyclone Biparjoy
Farmers in Kutch’s Bhuj suffer huge losses due to cyclone Biparjoy
