ChiniMandi, Mumbai: 2nd May 2023
Domestic Market
Mixed cues witnessed in major centers
Domestic sugar prices saw uptick in Kolhapur, Muzaffarnagar and Delhi market while prices fell in Kolkata. Good demand despite of higher monthly quota supporting the prices in the major centers while enough pipeline stocks led to fall in prices at Kolkata markets.
According to Agrimandi.live, prices are expected to trade higher with a limited downside on lower supply in coming days. More fall is anticipated in Muzaffarnagar than Kolhapur market and spread between these markets are likely to narrow in coming days.
Ex-mill Sugar Prices as on May, 2 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3430 |
₹3520 to 3530 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3590 to 3655 |
|
Gujarat |
₹3421 to 3441 |
₹3491 to 3531 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3625 to 3650 |
|
Madhya Pradesh |
₹3575 to 3620 |
₹3645 to 3690 |
|
Punjab |
₹3710 to 3751 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 2 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,853.50 |
|
Kanpur |
M/30 |
₹3,801.00 |
|
Kolhapur |
M/30 |
₹3,675.00 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
Muzaffarnagar |
M/30 |
₹3,780.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $709.10/ton, whereas the New York Sugar #11 front month contract is trading at 25.85 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.856 whereas USD was trading with BRL at 4.9890, Crude futures traded at ₹6181, Crude WTI traded at $75.44/barrel. Sensex closed 242.27 points higher at 61354.71 whereas Nifty ended 82.65 points higher at 18147.65
News Round-Up
Pakistan sugar mills reject sugar prices fixed by govt
Sugarcane farmers urge district administration to extend operations of Palacode sugar mill
Sugarcane farmers urge district administration to extend operations of Palacode sugar mill
Our government took steps to empower sugarcane cooperatives: PM Modi
Our government took steps to empower sugarcane cooperatives: PM Modi
Unprecedented shortage of wheat may lead to anarchy in Pakistan
Unprecedented shortage of wheat may lead to anarchy in Pakistan
Sensex ends 242 points higher, Nifty nears 18,150
