ChiniMandi, Mumbai: 9th November 2023
Domestic Market
Domestic sugar prices continue to trade weak
Sugar prices remain low in the major domestic market due to weak demand. Prices in the major markets of Uttar Pradesh, Maharashtra, and Karnataka fell another Rs 10-20 per quintal today. Prices are expected to remain stable in the short to medium term as the crushing campaign begins. Last year’s crop is selling at even lower levels.
In Kolhapur, S-grade sugar was priced between Rs 3,610 and Rs 3,650 per quintal, while M-grade sugar was priced between Rs 3,900 and Rs 3,940. According to Agrimandi, S grade sugar will trade for between Rs 3,600 and Rs 3,720 in Kolhapur markets over the next two weeks.
Ex-mill Sugar Prices as on November, 09 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3600 to 3650 |
₹3700 to 3750 |
|
Karnataka |
₹3640 to 3665 |
₹3735 |
|
Uttar Pradesh |
|
₹3850 to 3940 |
|
Gujarat |
₹3681 to 3721 |
₹3761 to 3801 |
|
Tamil Nadu |
₹3740 to 3850 |
₹3800 to 3900 |
|
Madhya Pradesh |
₹3850 to 3865 |
₹3920 to 3935 |
|
Punjab |
₹3980 to 4180 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on November, 09 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,126.50 |
|
Kanpur |
M/30 |
₹4,095.00 |
|
Kolhapur |
M/30 |
₹3,916.50 |
|
Kolkata |
M/30 |
₹4,147.50 |
|
Muzaffarnagar |
M/30 |
₹4,095.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $749.20 ton, whereas the New York Sugar #11 front month contract is trading at 27.29 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.300 whereas USD was trading with BRL at 4.9087, Crude futures traded at ₹6366, Crude WTI traded at $76.19 barrel. Sensex closed 143.41 points lower at 64832.20 whereas Nifty ended 48.20 points lower at 19395.30
News Round-Up
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France: Half of Tereos sugar factories slow production due to lack of sugar beet
Uttar Pradesh: 57 sugar mills commence sugarcane crushing season
Uttar Pradesh: 57 sugar mills commence sugarcane crushing season
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Govt opens paddy procurement centres in Kathua for farmers to sell Paddy at MSP
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