ChiniMandi, Mumbai: 11th September 2023
Domestic Market
Domestic prices fell for the second session
For a second session, domestic sugar prices were reported to be weak due to stock limit rumors. Stock limits are anticipated to be 1,500 quintals for wholesalers and 500 quintals for retailers, according to market updates, but notification has yet to be released. Prices are anticipated to experience short-term pressure following a significant increase. Although prices are anticipated to remain stable until the start of the crushing season due to tighter balance sheets.
In Muzaffarnagar, a quintal is said to cost between Rs 3,750 and 3,780, and in Kolhapur, between Rs 3,600 and 3,630. According to AgriMandi.live, a quintal of S grade sugar will cost between Rs 3,580 and Rs 3,700 in Kolhapur markets.
Ex-mill Sugar Prices as on September, 11 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3630 to 3660 |
₹3730 to 3760 |
|
Karnataka |
₹3670 to 3725 |
₹3715 to 3775 |
|
Uttar Pradesh |
|
₹3740 to 3830 |
|
Gujarat |
₹3601 to 3651 |
₹3701 to 3741 |
|
Tamil Nadu |
₹3720 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3745 to 3765 |
₹3815 to 3835 |
|
Punjab |
₹3870 to 4001 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 11 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,000.50 |
|
Kanpur |
M/30 |
₹3,958.50 |
|
Kolhapur |
M/30 |
₹3,906.00 |
|
Kolkata |
M/30 |
₹4,116.00 |
|
Muzaffarnagar |
M/30 |
₹3,979.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $731.70 ton, whereas the New York Sugar #11 front month contract is trading at 26.27 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.025 whereas USD was trading with BRL at 4.9860, Crude futures traded at ₹7224, Crude WTI traded at $87.02 barrel. Sensex closed 528.17 points higher at 67127.08 whereas Nifty ended 176.40 points higher at 19996.35
News Round-Up
Kharif crop sowing crosses 1,088 lakh hectares
Global Biofuels Alliance to strengthen India’s position globally: Union Minister Hardeep Puri
Global Biofuels Alliance to strengthen India’s position globally: Union Minister Hardeep Puri
Centre sells 1.66 LMT wheat and 0.17 LMT rice through Open Market Sale Scheme (D) in e-auction held recently
G20: India’s Global Biofuel Alliance initiative calls for utilization of sustainable fuels
G20: India’s Global Biofuel Alliance initiative calls for utilization of sustainable fuels
Sensex ends 528 points higher, Nifty hits fresh record high
