ChiniMandi, Mumbai: 14th June 2023
Domestic Market
Weak sentiment continued in major markets
Sugar prices in major domestic markets fell for the second session due to weak demand. Prices fell by Rs 10 per quintal in major markets. Furthermore, the faster movement of the monsoon is putting pressure on domestic prices. Prices per quintal in Kolhapur (S grade) ranged from Rs 3,370 to Rs 3,420, while prices in Muzaffarnagar (M grade) ranged from Rs 3,650 to Rs 3,680.
Prices are expected to trade steady to firm due to strong demand, according to Agrimandi.live. Prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal in the near future, with a support level of Rs 3,360 per quintal.
Ex-mill Sugar Prices as on June, 14 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3415 |
₹3485 to 3515 |
|
Karnataka |
₹3590 to 3650 |
– |
|
Uttar Pradesh |
|
₹3620 to 3735 |
|
Gujarat |
₹3461 to 3501 |
₹3561 to 3581 |
|
Tamil Nadu |
₹3615 to 3700 |
₹3710 |
|
Madhya Pradesh |
₹3580 to 3610 |
₹3650 to 3675 |
|
Punjab |
₹3710 to 3761 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 14 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3916.50 |
|
Kanpur |
M/30 |
₹3864.00 |
|
Kolhapur |
M/30 |
₹3696.00 |
|
Kolkata |
M/30 |
₹3958.50 |
|
Muzaffarnagar |
M/30 |
₹3853.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $679.70 ton, whereas the New York Sugar #11 front month contract is trading at 25.34 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.068 whereas USD was trading with BRL at 4.8650, Crude futures traded at ₹5788, Crude WTI traded at $70.31 barrel. Sensex closed 85.35 points higher at 63228.51 whereas Nifty ended 39.75 points higher at 18755.90
News Round-Up
Malaysia: Retailers asked not to sell sugar with conditions
Ethanol demand in India to rise over 20 per cent blending target: IEA
Ethanol demand in India to rise over 20 per cent blending target: IEA
Biparjoy Cyclone: 4,500 people shifted to shelter homes in Dwarka
Biparjoy Cyclone: 4,500 people shifted to shelter homes in Dwarka
Revenue of top Indian states to grow 6-8 pc in 2023-24 fiscal: Crisil
Revenue of top Indian states to grow 6-8 pc in 2023-24 fiscal: Crisil
Market ends marginally higher, Nifty above 18,750
