ChiniMandi, Mumbai: 30th June 2023
Domestic Market
Domestic sugar prices continued to fall on higher monthly sales quota
On the back of a higher monthly sale quota, sugar prices in major markets further declined by Rs 10–20 per quintal. Widespread rainfall activity over major regions also weighed on sugar prices as demand is reported dull.
The sale quota for July was reported at 24.0 lakh tons, an increase of 0.5 lakh tons from the previous month and 2.56 lakh tons from the same month last season.
In Kolhapur, prices for S grades ranged from Rs 3,400 to Rs 3,440, while in Muzaffarnagar, prices for M grades ranged from Rs 3,620 to Rs 3,650.
Agrimandi.live predicts that prices will likely trade lower due to a higher quota and weaker demand due to better weather. Prices in the Kolhapur market are anticipated to move in the vicinity of Rs 3,380-3,400 per quintal in the near future, with Rs 3,480-3,500 per quintal serving as resistance.
Ex-mill Sugar Prices as on June, 30 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3430 |
₹3500 to 3530 |
|
Karnataka |
₹3560 to 3625 |
– |
|
Uttar Pradesh |
|
₹3625 to 3735 |
|
Gujarat |
₹3431 to 3461 |
₹3531 to 3541 |
|
Tamil Nadu |
₹3590 to 3700 |
₹3680 to 3800 |
|
Madhya Pradesh |
₹3620 to 3630 |
₹3680 to 3700 |
|
Punjab |
₹3710 to 3781 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 30 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3885.00 |
|
Kanpur |
M/30 |
₹3822.00 |
|
Kolhapur |
M/30 |
₹3738.00 |
|
Kolkata |
M/30 |
₹3969.00 |
|
Muzaffarnagar |
M/30 |
₹3822.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $627.70 ton, whereas the New York Sugar #11 front month contract is trading at 22.46 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.078 whereas USD was trading with BRL at 4.8569, Crude futures traded at ₹5754, Crude WTI traded at $69.81 barrel. Sensex closed 803.14 points higher at 64718.56 whereas Nifty ended 216.95 points higher at 19189.05
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