ChiniMandi, Mumbai: 7th September 2023
Domestic Market
Domestic prices remained stable for the third session.
Following a sharp increase in the major markets, domestic sugar prices were reported stable for a third session. Demand is said to be sluggish at current prices, putting downward pressure on prices. In addition, rain has been reported in the main cane-growing areas of Maharashtra and South India over the past week, and more rain is predicted over the next week. Although it is likely that these rains will help crops develop, a lack of supply may still lead to price increases.
Further price increases may result in additional sugar allocations for September as the government considers stock limits.
According to reports, a quintal costs between Rs. 3,770 and 3,800 in Muzaffarnagar and Rs. 3,620 to 3,650 in Kolhapur. According to AgriMandi.live, the S grade sugar price per quintal in Kolhapur markets will fluctuate between Rs 3,580 and Rs 3,700.
Ex-mill Sugar Prices as on September, 7 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3640 to 3670 |
₹3740 to 3770 |
|
Karnataka |
₹3690 to 3725 |
₹3750 to 3775 |
|
Uttar Pradesh |
|
₹3750 to 3830 |
|
Gujarat |
₹3611 to 3661 |
₹3711 to 3751 |
|
Tamil Nadu |
₹3720 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3760 to 3780 |
₹3830 to 3850 |
|
Punjab |
₹3870 to 3971 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 7 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 $728.40 ton, whereas the New York Sugar #11 front month contract is trading at 26.33 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.257 whereas USD was trading with BRL at 4.9787, Crude futures traded at ₹7238, Crude WTI traded at $86.92 barrel. Sensex closed 385.04 points higher at 66265.56 whereas Nifty ended 116.00 points higher at 19727.05
News Round-Up
Sugar availability in 2023-24 season is not expected to be as adverse as being rumoured: NFCSF
Sugar availability in 2023-24 season is not expected to be as adverse as being rumoured: NFCSF
Maharashtra government to give bank guarantee for loans to sugar mills
Maharashtra government to give bank guarantee for loans to sugar mills
Bangladesh Sugar Industry Corporation proposes to increase sugar price to Tk120 per kg
Bangladesh Sugar Industry Corporation proposes to increase sugar price to Tk120 per kg
Bangladesh considers joining Global Biofuel Alliance
Sensex ends 385 points higher, Nifty above 19,700
