ChiniMandi, Mumbai: 11th October 2023
Domestic Market
Domestic sugar prices continued to trade higher
Prices in the major domestic markets have been reported to be firm in the major centers for the second session. Due to high demand ahead of the festive season, prices in major cities increased by Rs 10-20 per quintal. The Food Ministry has announced a second tranche of 15.0 lakh tons of quota for the month of October, totaling 28 lakh tons for the month, the highest ever quota allocation in order to keep prices under control. However, given the delayed start of the crushing season and the upcoming festive season, prices are expected to trade higher.
In Kolhapur, S-grade sugar quintals cost between Rs. 3,630 and 3,670, while M-grade sugar costs between Rs. 3,850 and 3,880. S grade sugar, according to Agrimandi.live, will cost between Rs 3,620 and Rs 3,700 in Kolhapur markets.
Ex-mill Sugar Prices as on October, 11 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3650 to 3700 |
₹3750 to 3800 |
|
Karnataka |
₹3650 to 3675 |
₹3720 to 3725 |
|
Uttar Pradesh |
|
₹3790 to 3900 |
|
Gujarat |
₹3651 to 3710 |
₹3735 to 3770 |
|
Tamil Nadu |
₹3665 to 3800 |
₹3775 to 3850 |
|
Madhya Pradesh |
₹3800 to 3815 |
₹3870 to 3885 |
|
Punjab |
₹3870 to 4100 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on October, 11 2023 :
|
Delhi |
M/30 |
₹4,084.50 |
|
Kanpur |
M/30 |
₹4,042.50 |
|
Kolhapur |
M/30 |
₹3,937.50 |
|
Kolkata |
M/30 |
₹4,116.00 |
|
Muzaffarnagar |
M/30 |
₹4,053.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $720.50 ton, whereas the New York Sugar #11 front month contract is trading at 26.99 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.191 whereas USD was trading with BRL at 5.0518, Crude futures traded at ₹7143, Crude WTI traded at $85.66 barrel. Sensex closed 393.69 points higher at 66473.05 whereas Nifty ended 121.50 points higher at 19811.35
News Round-Up
IMF raises India’s growth forecast second time citing strong consumption
IMF raises India’s growth forecast second time citing strong consumption
European Union offers low sugar import quota to Australia
Uttar Pradesh: Farmers demand higher sugarcane prices, timely payments
Uttar Pradesh: Farmers demand higher sugarcane prices, timely payments
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Cauvery Delta Protection Movement holds protest in Tamil Nadu over Cauvery water issue
Cauvery Delta Protection Movement holds protest in Tamil Nadu over Cauvery water issue
