ChiniMandi, Mumbai: 12th June 2023
Domestic Market
As expected firm sentiment reported in major markets
Sugar prices in major domestic markets rose on strong demand and an expected supply shortage. Furthermore, the delay in monsoon movement is supporting prices in the major markets. Prices in major markets have risen by Rs 20-25 per quintal. Prices in Kolhapur (S grade) ranged between Rs. 3,430 and Rs. 3,460 per quintal, while prices in Muzaffarnagar (M grade) ranged between Rs. 3,680 and Rs. 3,710.
According to Agrimandi.live, prices are expected to trade firm due to strong demand, with little room for decline. 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.
Ex-mill Sugar Prices as on June, 12 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3420 |
₹3490 to 3520 |
|
Karnataka |
₹3570 to 3650 |
– |
|
Uttar Pradesh |
|
₹3615 to 3735 |
|
Gujarat |
₹3461 to 3501 |
₹3561 to 3581 |
|
Tamil Nadu |
₹3625 to 3700 |
– |
|
Madhya Pradesh |
₹3561 to 3605 |
₹3630 to 3675 |
|
Punjab |
₹3680 to 3731 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 12 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,937.50 |
|
Kanpur |
M/30 |
₹3,885.00 |
|
Kolhapur |
M/30 |
₹3,717.00 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
Muzaffarnagar |
M/30 |
₹3,874.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $691.30 ton, whereas the New York Sugar #11 front month contract is trading at 25.81 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.445 whereas USD was trading with BRL at 4.8794, Crude futures traded at ₹5661, Crude WTI traded at $68.47 barrel. Sensex closed 99.08 points higher at 62724.71 whereas Nifty ended 38.10 points higher at 18601.50
News Round-Up
“BJP government increased fertilizer subsidy for farmer 5 times”: Prakash Javdekar
“BJP government increased fertilizer subsidy for farmer 5 times”: Prakash Javdekar
For years, payment of sugarcane prices to farmers remained pending in UP; today it is being done within week: CM Yogi
World Sugar Market – Weekly Comment – Episode 93
Cyclone Biparjoy: High tides hits Gujarat coast, IMD issues orange alert for Kutch, Saurashtra
Cyclone Biparjoy: High tides hits Gujarat coast, IMD issues orange alert for Kutch, Saurashtra
Sensex ends 99 points higher, Nifty nears 18,600
