Domestic Market
Weak sentiment reported in major markets
Sugar prices in major domestic markets fell after rising for two sessions. Prices in major markets fell by Rs 10 per quintal. Furthermore, the faster movement of the monsoon is weighing on domestic prices. Prices in Kolhapur (S grade) ranged from Rs 3,400 to Rs 3,430 per quintal, while Muzaffarnagar (M grade) prices ranged from Rs 3,650 to Rs 3,680.
According to Agrimandi.live, prices are expected to trade steady to firm due to strong demand. 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, 13 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3415 |
₹3485 to 3515 |
|
Karnataka |
₹3580 to 3650 |
– |
|
Uttar Pradesh |
|
₹3620 to 3735 |
|
Gujarat |
₹3461 to 3501 |
₹3561 to 3581 |
|
Tamil Nadu |
₹3625 to 3700 |
₹3710 |
|
Madhya Pradesh |
₹3570 to 3610 |
₹3630 to 3675 |
|
Punjab |
₹3680 to 3731 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 13 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3927.00 |
|
Kanpur |
M/30 |
₹3874.50 |
|
Kolhapur |
M/30 |
₹3706.50 |
|
Kolkata |
M/30 |
₹3969.00 |
|
Muzaffarnagar |
M/30 |
₹3864.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $683.70 ton, whereas the New York Sugar #11 front month contract is trading at 25.35 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.358 whereas USD was trading with BRL at 4.8621, Crude futures traded at ₹5629, Crude WTI traded at $68.42 barrel. Sensex closed 418.45 points higher at 63143.16 whereas Nifty ended 114.65 points higher at 18716.15
News Round-Up
Richa Sharma appointed as Additional Secretary, Department of Food and Public Distribution
Richa Sharma appointed as Additional Secretary, Department of Food and Public Distribution
Mysugar likely to start cane crushing by June end
Nitin Gadkari advocates for increased focus on ethanol production to strengthen economic condition of country
Government puts stock limits on wheat to prevent hoarding
Sensex ends 418 points higher, Nifty above 18,700
