ChiniMandi, Mumbai: 4th September 2023
Domestic Market
Domestic prices continue to rise on crop concerns
Domestic prices in the major markets continued to rise due to rising crop concerns caused by below-average rainfall activity in the main cane growing regions of Maharashtra and South India. In addition to the increase of Rs 70 to 80 per quintal last week, prices in major markets today have increased by Rs 20 to Rs 30 per quintal.
Rainfall activity in Maharashtra’s main cane-growing regions has decreased by 60-78%, hampered crop growth. August’s rainfall was 40% LPA at 91 mm, the lowest and hottest since 1901. As a result of a positive IOD, the IMD predicts normal rainfall activity in September, whereas the UK weather service predicts September rains to be 20 mm less than LPA.
According to reports, a quintal in Muzaffarnagar costs between Rs. 3,790 and 3,820, while a quintal in Kolhapur costs between Rs. 3,590 and 3,630. According to AgriMandi.live, S grade will trade towards Rs 3,700 per quintal in the Kolhapur market.
Ex-mill Sugar Prices as on September, 4 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3670 |
₹3720 to 3770 |
|
Karnataka |
₹3670 to 3720 |
₹3750 |
|
Uttar Pradesh |
|
₹3750 to 3830 |
|
Gujarat |
₹3601 to 3651 |
₹3701 to 3741 |
|
Tamil Nadu |
₹3680 to 3800 |
₹3790 to 3850 |
|
Madhya Pradesh |
₹3765 to 3775 |
₹3835 to 3850 |
|
Punjab |
₹3850 to 3980 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 4 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4021.50 |
|
Kanpur |
M/30 |
₹3979.50 |
|
Kolhapur |
M/30 |
₹3927.00 |
|
Kolkata |
M/30 |
₹4137.00 |
|
Muzaffarnagar |
M/30 |
₹4000.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $731.00 ton, whereas the New York Sugar #11 front month contract is trading at 25.81 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.698 whereas USD was trading with BRL at 4.9475, Crude futures traded at ₹7075, Crude WTI traded at $85.58 barrel. Sensex closed 240.98 points higher at 65628.14 whereas Nifty ended 93.50 points higher at 19528.80
News Round-Up
Uttar Pradesh government may hike sugarcane prices soon
Farmers call off proposed mahapanchayat on September 5
Farmers’ leader Rakesh Tikait warns of protests if sugarcane payments are not made
Farmers’ leader Rakesh Tikait warns of protests if sugarcane payments are not made
“We are protecting farmers’ interest”…”: Karnataka Dy CM Shivakumar on Cauvery water row
“We are protecting farmers’ interest”…”: Karnataka Dy CM Shivakumar on Cauvery water row
Sensex ends 241 points higher, Nifty above 19,500
