ChiniMandi, Mumbai: 15th May 2023
Domestic Market
Domestic sugar prices continue to trade steady
Domestic sugar prices in the major markets of Maharashtra and Uttar Pradesh continued to trade stable. Sugar prices at Kolhapur (S grade) traded in the range of Rs 3,390-3,430 per qtl, while in Muzaffarnagar (M grade), prices were in the range of Rs 3,600-3,630 per qtl.
According to Agrimandi.live, prices are expected to trade in a broader range with limited downside in the coming days. Lower supply is likely to keep prices supported in the coming months.
Furthermore, according to the US Climate Prediction Center, there is a 94% chance of El Nino emerging between Aug-Oct, which is likely to keep prices supported because El Nino will reduce sugar production.
Ex-mill Sugar Prices as on May, 15 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3410 |
₹3490 to 3520 |
|
Karnataka |
₹3530 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3585 to 3675 |
|
Gujarat |
₹3425 to 3461 |
₹3505 to 3531 |
|
Tamil Nadu |
₹3525 to 3600 |
₹3620 to 3625 |
|
Madhya Pradesh |
₹3565 to 3605 |
₹3635 to 3675 |
|
Punjab |
₹3671 to 3711 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 15 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,848.25 |
|
Kanpur |
M/30 |
₹3,795.75 |
|
Kolhapur |
M/30 |
₹3,680.25 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
Muzaffarnagar |
M/30 |
₹3,774.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $715.60/ton, whereas the New York Sugar #11 front month contract is trading at 26.24 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.325 whereas USD was trading with BRL at 4.9198, Crude futures traded at ₹5793, Crude WTI traded at $70.28/barrel. Sensex closed 317.81 points higher at 62345.71 whereas Nifty ended 84.05 points higher at 18398.85
News Round-Up
Corn to ethanol: Experts suggest increased acreage to achieve 20 percent blending target
Corn to ethanol: Experts suggest increased acreage to achieve 20 per cent blending target
Piyush Goyal, European Free Trade Association ministerial delegation exchange views on enhancing trade
World Sugar Market – Weekly Comment – Episode 89
Shamli sugar mill concludes cane crushing season
Afghanistan to call for tenders to extract oil and gas
