Daily Sugar Market Update By Vizzie – 11/08/2023
ChiniMandi, Mumbai: 11th August 2023
Domestic Market
Stable to positive sentiment reported in domestic sugar prices
Sugar prices are reported to be stable to firm in Maharashtra and Uttar Pradesh’s major markets. At the current prices, demand remains low. Furthermore, the Food Ministry’s statement of ending stocks of 10.8 MMT as of July is weighing on domestic market prices.
In Kolhapur, S-grade sugar costs between Rs 3,500 and Rs 3,530, while M-grade sugar in Uttar Pradesh costs between Rs 3,670 and Rs 3,710.
According to AgriMandi.live, the price of S grade is expected to trade in the Kolhapur markets in the near future between Rs 3,500 and Rs 3,580 per quintal.
Ex-mill Sugar Prices as on August, 11 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3500 to 3540 |
₹3600 to 3640 |
|
Karnataka |
₹3570 to 3600 |
₹3620 to 3650 |
|
Uttar Pradesh |
|
₹3650 to 3730 |
|
Gujarat |
₹3541 to 3561 |
₹3621 to 3641 |
|
Tamil Nadu |
₹3600 to 3700 |
₹3710 to 3750 |
|
Madhya Pradesh |
₹3715 to 3730 |
₹3770 to 3800 |
|
Punjab |
₹3660 to 3831 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on August, 11 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3937.50 |
|
Kanpur |
M/30 |
₹3885.00 |
|
Kolhapur |
M/30 |
₹3832.50 |
|
Kolkata |
M/30 |
₹4042.50 |
|
Muzaffarnagar |
M/30 |
₹3895.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $682.80 ton, whereas the New York Sugar #11 front month contract is trading at 23.83 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.779 whereas USD was trading with BRL at 4.8930, Crude futures traded at ₹6895 Crude WTI traded at $83.16 barrel. Sensex closed 365.53 points lower at 65322.65 whereas Nifty ended 114.80 points lower at 19428.30
