ChiniMandi, Mumbai: 17th May 2023
Domestic Market
Steady to firm sentiment in domestic sugar prices
Sugar prices in the domestic market remained stable to firm due to strong demand. Rising temperatures and a lower supply this season are supporting sugar prices in domestic markets. Prices remained stable in Kolhapur, while the markets in Uttar Pradesh and Kolkata were buoyant. Sugar prices in Kolhapur (S grade) remain in the range of Rs 3,390-3,430 per quintal, while in Muzaffarnagar (M grade), prices were in the range of Rs 3,610-3,630 per quintal, up by Rs 5-10 per quintal.
According to Agrimandi.live, prices are expected to trade firm with limited downside in the coming months due to lower supply. In the near term, we expect prices in Kolhapur markets to trade in the Rs 3,380-3,460 per quintal range.
Ex-mill Sugar Prices as on May, 17 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3386 to 3420 |
₹3470 to 3500 |
|
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 3590 |
₹3625 to 3655 |
|
Punjab |
₹3671 to 3711 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 17 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,853.50 |
|
Kanpur |
M/30 |
₹3,801.00 |
|
Kolhapur |
M/30 |
₹3,680.25 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
Muzaffarnagar |
M/30 |
₹3,780.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $712.50/ton, whereas the New York Sugar #11 front month contract is trading at 25.97 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.382 whereas USD was trading with BRL at 4.9410, Crude futures traded at ₹5873, Crude WTI traded at $71.22/barrel. Sensex closed 371.83 points lower at 61560.64 whereas Nifty ended 104.75 points lower at 18181.75
News Round-Up
Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for Kharif season
Cabinet approves Rs 1.08 lakh crore fertiliser subsidy for Kharif season
Sugarcane harvest in Brazil affected by rain in late April: UNICA
Sugarcane harvest in Brazil affected by rain in late April: UNICA
Poppys Biotech to set up 200 KLPD ethanol plant in Tamil Nadu
Poppys Biotech to set up 200 KLPD ethanol plant in Tamil Nadu
HPCL to set up an ethanol plant in Una
Hero MotoCorp launches E20-compliant adventure motorcycle
Monsoon likely to hit Kerala four days late, expected onset on June 4: IMD
Monsoon likely to hit Kerala four days late, expected onset on June 4: IMD
