ChiniMandi, Mumbai: 4th August 2023
Domestic Market
Domestic sugar prices stable, subdued demand
Sugar prices have remained stable in major domestic markets due to low demand at current prices. Demand is reported to be very low, but tender prices continue to remain at higher levels. In Kolhapur, S-grade sugar is priced between Rs 3,500 and Rs 3,540, while M-grade sugar in Uttar Pradesh is priced between Rs 3,660 and Rs 3,700.
Stockists are not active because they are afraid of government intervention if prices rally, as supply is limited and there are rumors of smuggling to Bangladesh and Nepal.
According to AgriMandi.live, the price of S grade is expected to trade in the Kolhapur markets between Rs 3,500 and Rs 3,580 per quintal in the near future.
Ex-mill Sugar Prices as on August, 4 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3520 to 3570 |
₹3620 to 3670 |
|
Karnataka |
₹3570 to 3625 |
– |
|
Uttar Pradesh |
|
₹3650 to 3730 |
|
Gujarat |
₹3551 to 3591 |
₹3641 to 3681 |
|
Tamil Nadu |
₹3600 to 3700 |
₹3690 to 3750 |
|
Madhya Pradesh |
₹3735 to 3740 |
₹3805 to 3810 |
|
Punjab |
₹3765 to 3831 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on August, 4 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3927.00 |
|
Kanpur |
M/30 |
₹3874.50 |
|
Kolhapur |
M/30 |
₹3843.00 |
|
Kolkata |
M/30 |
₹4032.00 |
|
Muzaffarnagar |
M/30 |
₹3874.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $689.60 ton, whereas the New York Sugar #11 front month contract is trading at 23.68 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.843 whereas USD was trading with BRL at 4.9184, Crude futures traded at ₹6775, Crude WTI traded at $81.79 barrel. Sensex closed 480.57 points higher at 65721.25 whereas Nifty ended 135.35 points higher at 19517.00
News Round-Up
Farmers threaten to launch an agitation on August 11 for pending cane dues
Farmers threaten to launch an agitation on August 11 for pending cane dues
Kenya allows local sugar firms to import sugar out of COMESA
Kenya allows local sugar firms to import sugar out of COMESA
Aim to achieve zero stubble burning this year: Narendra Singh Tomar
Aim to achieve zero stubble burning this year: Narendra Singh Tomar
“Need to develop industries for growth of country”: Nitin Gadkari
“Need to develop industries for growth of country”: Nitin Gadkari
Sensex ends 481 points higher, Nifty above 19,500
