ChiniMandi, Mumbai: 12th April 2023
Government Announcement
In a notification issued on 11th day of April 2023, the food ministry has allocated an additional 2 LMT monthly sugar quota for April 2023. Earlier this month, the Centre had allocated 22 LMT to 525 sugar mills across the country.
Domestic Market
The domestic market appears to be slow today following yesterday’s Government announcement of an additional quota of 2 LMT for the month of April 2023. This has resulted in a cooling down of sugar prices by Rs.30 to 50/quintal. Seemingly, traders are currently in a ‘wait and watch’ position.
Ex-mill Sugar Prices as on April, 12 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3380 to 3450 |
₹3530 to 3580 |
|
Karnataka |
₹3550 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3640 to 3705 |
|
Gujarat |
₹3481 to 3511 |
₹3551 to 3581 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3625 to 3650 |
|
Madhya Pradesh |
₹3600 to 3675 |
₹3650 to 3745 |
|
Punjab |
₹3695 to 3741 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 12 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,955.35 |
|
Kanpur |
M/30 |
₹3,911.25 |
|
Kolhapur |
M/30 |
₹3,717.00 |
|
Kolkata |
M/30 |
₹4,121.25 |
|
Muzaffarnagar |
M/30 |
₹3,879.75 |
International Market
Sugar prices are rallying on tighter global supplies. At the time of writing this update London White Sugar #5 front month contract is trading at $702.00/ton, whereas the New York Sugar #11 front month contract is trading at 24.44 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.124 whereas USD was trading with BRL at 5.0016, Crude futures traded at ₹6690, Crude WTI traded at $81.42/barrel. Sensex closed 235.05 points higher at 60,392.77 whereas Nifty ended 90.10 points higher at 17812.40
News Round-Up
Centre allocates additional domestic sugar quota to ensure sufficient supply & prevent further surge in prices
IMF lowers global growth forecast to 2.8 per cent, says recovery ‘on track’
IMF lowers global growth forecast to 2.8 per cent, says recovery ‘on track’
Use of agricultural drones: Garuda Aerospace becomes first Indian company to avail agri-drone subsidy
Maharashtra may miss its ethanol supply target
Uttar Pradesh is producing maximum ethanol: CM Yogi Adityanath
Uttar Pradesh is producing maximum ethanol: CM Yogi Adityanath
Indian stocks marginally up ahead of March inflation data release
Indian stocks marginally up ahead of March inflation data release
