ChiniMandi, Mumbai: 6th September 2023
Domestic Market
Domestic prices remained stable for the second session.
After a sharp rise in the major markets, domestic sugar prices were reported stable for a second session. Demand is said to be sluggish at current prices, putting downward pressure on prices. Furthermore, rains have been reported in major cane growing regions of Maharashtra and South India in the last 2-3 days, with more rains expected in the coming week. These rains are likely to aid crop development but may not prevent price increases due to a lack of supply.
The government is considering stock limits, and further price increases may result in additional sugar allocations for September.
According to reports, a quintal in Muzaffarnagar costs between Rs. 3,770 and 3,800, while a quintal in Kolhapur costs between Rs. 3,620 and 3,650. AgriMandi.live predicts, S grade sugar prices to trade in the range of Rs 3,580 and Rs 3,700 per quintal in Kolhapur markets.
Ex-mill Sugar Prices as on September, 6 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3645 to 3655 |
₹3745 to 3755 |
|
Karnataka |
₹3710 to 3740 |
₹3775 |
|
Uttar Pradesh |
|
₹3750 to 3830 |
|
Gujarat |
₹3611 to 3661 |
₹3711 to 3751 |
|
Tamil Nadu |
₹3720 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3770 to 3780 |
₹3840 to 3850 |
|
Punjab |
₹3870 to 3971 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 6 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4021.50 |
|
Kanpur |
M/30 |
₹3979.50 |
|
Kolhapur |
M/30 |
₹3927.00 |
|
Kolkata |
M/30 |
₹4137.00 |
|
Muzaffarnagar |
M/30 |
₹4000.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $738.00 ton, whereas the New York Sugar #11 front month contract is trading at 26.68 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.165 whereas USD was trading with BRL at 4.9842, Crude futures traded at ₹7183, Crude WTI traded at $86.67 barrel. Sensex closed 100.26 points higher at 65880.52 whereas Nifty ended 36.15 points higher at 19611.05
News Round-Up
Registrations for 1st Edition of ‘The India Sugar & Bio-Energy Conference’ closing soon
Registrations for 1st Edition of ‘The India Sugar & Bio-Energy Conference’ closing soon
Kenya: Sugarcane farmers oppose merger plan of sugar mills
India among five major global economies in race to reach net-zero
India among five major global economies in race to reach net-zero
No more water can be released to Tamil Nadu, says Agri Minister of Karnataka
No more water can be released to Tamil Nadu, says Agri Minister of Karnataka
Sensex ends 100 points higher, Nifty above 19,600
