Domestic sugar prices traded firm
Domestic sugar prices remained firm in major markets, owing to increased demand from warmer weather. Muzaffarnagar (M grade) prices increased by Rs 10 per quintal in the Rs 3,670-3,680 per quintal range, while Kolhapur (S grade) prices rose by Rs 10 per quintal in the Rs 3,400-3,440 per quintal range.
Prices are expected to trade steady to firm due to strong demand, with little room for decline, according to Agrimandi.live. In the near future, prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal, with a support level of Rs 3,360 per quintal.
Meanwhile, the monsoon arrives in Kerala eight days later than usual, according to the IMD.
Ex-mill Sugar Prices as on June, 8 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3365 to 3410 |
₹3445 to 3490 |
|
Karnataka |
₹3600 to 3625 |
₹3675 |
|
Uttar Pradesh |
|
₹3590 to 3725 |
|
Gujarat |
₹3411 to 3451 |
₹3511 to 3531 |
|
Tamil Nadu |
₹3550 to 3650 |
– |
|
Madhya Pradesh |
₹3520 to 3565 |
₹3580 to 3615 |
|
Punjab |
₹3680 to 3731 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 8 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3906.00 |
|
Kanpur |
M/30 |
₹3853.50 |
|
Kolhapur |
M/30 |
₹3696.00 |
|
Kolkata |
M/30 |
₹3950.50 |
|
Muzaffarnagar |
M/30 |
₹3843.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $684.90 +15.70 ton, whereas the New York Sugar #11 front month contract is trading at 25.32 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.497 whereas USD was trading with BRL at 4.9237, Crude futures traded at ₹5995, Crude WTI traded at $72.17/barrel. Sensex closed 294.32 points low at 62,848.64 whereas Nifty ended 91.85 points lower at 18,634.55.
