ChiniMandi, Mumbai: 5th June 2023
Domestic Market
Weak sentiment reported in domestic sugar prices
Sugar prices fell due to weak demand. Prices in major markets have dropped by Rs 10-20 per quintal. Muzaffarnagar (M grade) prices fell by Rs 10-20 per quintal to Rs 3,640-3,650 per quintal, while Kolhapur (S grade) prices fell by Rs 10-15 to Rs 3,380-3,400 per quintal.
Prices are expected to trade lower in the short term due to higher monthly quotas, according to Agrimandi.live. Prices in the Kolhapur markets are expected to fall to Rs 3,350 per quintal in the near future, eventually is likely to trade higher towards Rs 3,460 per quintal.
The monsoon has remained over the Bay of Bengal for the last 12-15 days, further delaying its arrival in Kerala. The International Meteorological Department predicted that the monsoon would begin on June 4th, but it now appears that it will begin around June 10th.
Ex-mill Sugar Prices as on June, 5 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3340 to 3385 |
₹3420 to 3465 |
|
Karnataka |
₹3560 to 3625 |
₹3675 |
|
Uttar Pradesh |
|
₹3605 to 3725 |
|
Gujarat |
₹3421 to 3461 |
₹3521 to 3541 |
|
Tamil Nadu |
₹3540 to 3650 |
₹3645 |
|
Madhya Pradesh |
₹3525 to 3565 |
₹3595 to 3635 |
|
Punjab |
₹3700 to 3751 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 5 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3895.50 |
|
Kanpur |
M/30 |
₹3843.00 |
|
Kolhapur |
M/30 |
₹3675.00 |
|
Kolkata |
M/30 |
₹3948.00 |
|
Muzaffarnagar |
M/30 |
₹3832.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $684.00 ton, whereas the New York Sugar #11 front month contract is trading at 24.54 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.641 whereas USD was trading with BRL at 4.9581, Crude futures traded at ₹6080, Crude WTI traded at $73.44/barrel. Sensex closed 240.36 points higher at 62787.47 whereas Nifty ended 59.75 points higher at 18593.85
News Round-Up
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Private sugar factory worth Sh2.8 billion to benefit farmers from Kericho, Nandi and Kisumu counties
Private sugar factory worth Sh2.8 billion to benefit farmers from Kericho, Nandi and Kisumu counties
OPEC Plus will continue oil output cuts as prices remain unchanged
OPEC Plus will continue oil output cuts as prices remain unchanged
Indian stocks start fresh week in green; RBI meeting in focus
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Why Isn’t China’s Sugar Output Growing Faster?
