ChiniMandi, Mumbai: 16th May 2023
Domestic Market
Domestic Sugar prices ruled steady
Steady sentiment continued in domestic sugar prices in the major markets of Maharashtra and Uttar Pradesh. 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. Increasing temperatures across the country are likely to support the price of sugar in the near term.
According to an IMD press release, the onset of the SouthWest Monsoon over the mainland “Kerala” is likely to be later than usual. The onset of the Southwest Monsoon over Kerala is expected on June 4th, 2023, with a model error of +/-4 days.
According to Agrimandi.live, prices are expected to trade firm with limited downside on the back of lower supply in the coming months.
Ex-mill Sugar Prices as on May, 16 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3410 |
₹3490 to 3520 |
|
Karnataka |
₹3550 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3575 to 3675 |
|
Gujarat |
₹3425 to 3461 |
₹3505 to 3531 |
|
Tamil Nadu |
₹3525 to 3600 |
3625 |
|
Madhya Pradesh |
₹3555 to 3595 |
₹3620 to 3665 |
|
Punjab |
₹3671 to 3711 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 16 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 $717.70/ton, whereas the New York Sugar #11 front month contract is trading at 26.29 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.212 whereas USD was trading with BRL at 4.8921, Crude futures traded at ₹5841, Crude WTI traded at $70.91/barrel. Sensex closed 413.24 points lower at 61932.47 whereas Nifty ended 112.35 points lower at 18286.50
News Round-Up
Analysis: Difference in price rise between FRP and MSP
Philippines: President Marcos approves importation of more sugar
Philippines: President Marcos approves importation of more sugar
Crops evolved by swapping genetic modules between cells: Study
Crops evolved by swapping genetic modules between cells: Study
Price surge delights jaggery producers in Mysuru and Chamarajanagar
Price surge delights jaggery producers in Mysuru and Chamarajanagar
India reports 656 fresh Covid-19 cases in last 24 hours
Sensex ends 413 points lower, Nifty below 18,300
