ChiniMandi, Mumbai: 5th September 2023
Domestic Market
Domestic prices reported stable after a sharp rise
Domestic sugar prices were reported stable after a sharp rise in the major markets. Demand is reported to be dull at current price levels. Moreover, rains were reported over major cane growing regions of Maharashtra and South India in the last 2-3 days. These rains are likely to be helpful for better crop development but may not curtail the price rise due to short supply.
The government is considering stock limits, and further price increases may result in additional sugar allocations for the month of September.
According to reports, a quintal in Muzaffarnagar costs between Rs. 3,770 and 3,800, while a quintal in Kolhapur costs between Rs. 3,620 and 3,650. According to AgriMandi.live, S grade will soon be traded in Kolhapur markets for between Rs 3,580 and Rs 3,700 per quintal.
Ex-mill Sugar Prices as on September, 5 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3650 to 3660 |
₹3750 to 3760 |
|
Karnataka |
₹3710 to 3740 |
₹3775 |
|
Uttar Pradesh |
|
₹3750 to 3830 |
|
Gujarat |
₹3611 to 3661 |
₹3711 to 3751 |
|
Tamil Nadu |
₹3720 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3770 to 3780 |
₹3840 to 3860 |
|
Punjab |
₹3850 to 3980 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 5 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 |
₹4000.50a |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $739.40 ton, whereas the New York Sugar #11 front month contract is trading at 26.19 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.024 whereas USD was trading with BRL at 4.9376, Crude futures traded at ₹7089, Crude WTI traded at $85.49 barrel. Sensex closed 152.12 points higher at 65780.26 whereas Nifty ended 46.10 points higher at 19574.90
News Round-Up
Karnataka: King Rudra Sugars plans to expand distillery facility
Karnataka: King Rudra Sugars plans to expand distillery facility
Punjab: Farmer unions demand compensation for sugarcane and other crops loss due to floods
Punjab: Farmer unions demand compensation for sugarcane and other crops loss due to floods
Uttarakhand: Farmers urge government to increase sugarcane price
Uttarakhand: Farmers urge government to increase sugarcane price
MP: Grain traders hold indefinite strike to reduce mandi tax in Indore
MP: Grain traders hold indefinite strike to reduce mandi tax in Indore
India services PMI falls marginally but overall remains robust
India services PMI falls marginally but overall remains robust
