Daily Sugar Market Update By Vizzie – 07/06/2023

ChiniMandi, Mumbai: 7th June 2023

Domestic Market

Domestic sugar prices quoted stable

Domestic sugar prices have been quoted as stable in major markets, with good demand due to higher temperatures. Prices for Muzaffarnagar (M grade) were stable in the Rs 3,660-3,670 per quintal range, while prices for Kolhapur (S grade) were trading in the Rs 3,390-3,430 per quintal range.

According to Agrimandi.live, prices are expected to trade steady to firm due to strong demand, with little room for decline. Prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal in the near future, with a support level of Rs 3,360 per quintal.

The monsoon could begin within the next 48 hours, according to the IMD, but if it does, it will arrive nearly 9 days later than usual.

Ex-mill Sugar Prices as on June, 7 2023 :

Destination-wise Spot Prices as on June, 7 2023 :

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $674.70 ton, whereas the New York Sugar #11 front month contract is trading at 24.80 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 82.512 whereas USD was trading with BRL at 4.9134, Crude futures traded at ₹5995, Crude WTI traded at $72.60/barrel. Sensex closed 350.08 points higher at 63142.96 whereas Nifty ended 127.40 points higher at 18726.40

News Round-Up

Kenya to lease sugar mills instead of privatization

Kenya to lease sugar mills instead of privatization

Farmers demand 100 per cent cane payment

Farmers demand 100 per cent cane payment

BKU demands transparency in cane survey

BKU demands transparency in cane survey

Honeywell using new technologies for sustainable future

Honeywell using new technologies for sustainable future

Conditions favourable for monsoon onset in next 48 hours: IMD

Conditions favourable for monsoon onset in next 48 hours: IMD