Daily Sugar Market Update By Vizzie – 13/11/2023

ChiniMandi, Mumbai: 13th November 2023

Domestic Market

Domestic sugar prices continued to be stable

Sugar prices in the major domestic market were reported to be stable during a thin trading session. Prices remained at lower levels as trading activity remained subdued. The crushing campaign began in Uttar Pradesh, where 58 mills began operations; 52 mills are operational in Karnataka, and 60 in Maharashtra. As the crushing campaign begins, prices are expected to remain stable in the short to medium term.

In Kolhapur, S-grade sugar was priced between Rs 3,610 and Rs 3,640 per quintal, while M-grade sugar was priced between Rs 3,900 and Rs 3,940. According to Agrimandi.live, S grade sugar will trade in Kolhapur markets for between Rs 3,600 and Rs 3,720 over the next two weeks.

Ex-mill Sugar Prices as on November, 13 2023 :

State

S/30

[Rates per Quintal]

M/30

[Rates per Quintal]

Maharashtra

₹3600 to 3650

₹3700 to 3750

Karnataka

Holiday

Holiday

Uttar Pradesh

Holiday

Gujarat

₹3681 to 3721

₹3761 to 3801

Tamil Nadu

Holiday

Holiday

Madhya Pradesh

Holiday

Holiday

Punjab

Holiday

(All the above rates are excluding GST)

Destination-wise Spot Prices as on November, 13 2023 :

City

Grade

Rate

Delhi

M/30

₹4,126.50

Kanpur

M/30

₹4,095.00

Kolhapur

M/30

₹3,906.00

Kolkata

M/30

₹4,147.50

Muzaffarnagar

M/30

₹4,095.00

International Market

At the time of writing this update London White Sugar #5 front month contract is trading at $746.50 ton, whereas the New York Sugar #11 front month contract is trading at 27.25 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 83.316 whereas USD was trading with BRL at 4.9138, Crude futures traded at ₹6455, Crude WTI traded at $77.20 barrel. Sensex closed 325.58 points lower at 64933.87 whereas Nifty ended 82.00 points lower at 19443.55

News Round-Up

Kolhapur: Sugarcane crushing impacted due to protests

Belagavi: Farmers may experience fodder shortage in coming months

Vocal for Local triumphs: Diwali trade hits Rs 3.75 lakh crore

Punjab Govt sets up plant to make ethanol from stubble

Sensex ends 326 points lower, Nifty below 19,450

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