ChiniMandi, Mumbai: 25th October 2023
Domestic Market
Domestic sugar prices traded higher
Sugar prices in the major domestic market are trading higher due to strong demand ahead of the holiday season. The Food Ministry has released the first tranche of 15.0 lakh tons of quota for November. Prices have risen by 20-30 per quintal in Maharashtra and Uttar Pradesh’s major markets. The increase in the spot markets was fueled by a lower monthly quota release prior to Diwali.
Furthermore, the prices in the main markets are supported by the postponement of the start of crushing this season. The start of mills is anticipated for this weekend in Karnataka and the second week of November in Maharashtra, after the completion of Diwali. Crushing was delayed by nearly 25-30 days in Karnataka and 10-15 days in Maharashtra compared to normal.
S-grade sugar in Kolhapur costs between Rs. 3,660 and 3,700 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs. 3,920 and 3,950 per quintal. Agrimandi.live estimates that S grade sugar in Kolhapur markets is likely to trade in the range of Rs 3,650 and Rs 3,750 in the coming fortnight.
Ex-mill Sugar Prices as on October, 25 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3640 to 3700 |
₹3740 to 3800 |
|
Karnataka |
₹3645 to 3675 |
₹3725 to 3730 |
|
Uttar Pradesh |
|
₹3885 to 3970 |
|
Gujarat |
₹3680 to 3751 |
₹3760 to 3791 |
|
Tamil Nadu |
₹3700 to 3825 |
₹3785 to 3875 |
|
Madhya Pradesh |
₹3870 to 3885 |
₹3940 to 3955 |
|
Punjab |
₹3970 to 4180 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on October, 25 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,158.00 |
|
Kanpur |
M/30 |
₹4,116.00 |
|
Kolhapur |
M/30 |
₹3,979.50 |
|
Kolkata |
M/30 |
₹4,168.50 |
|
Muzaffarnagar |
M/30 |
₹4,126.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $749.40 ton, whereas the New York Sugar #11 front month contract is trading at 27.81 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.187 whereas USD was trading with BRL at 4.9928, Crude futures traded at ₹6986, Crude WTI traded at $83.88 barrel. Sensex closed 522.82 points lower at 64049.06 whereas Nifty ended 159.60 points lower at 19122.15
News Round-Up
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