ChiniMandi, Mumbai: 18th May 2023
Domestic Market
Domestic sugar prices remained stable
Sugar prices in the domestic market traded steady due to strong demand. Rising temperatures and a lower supply are supporting sugar prices in domestic markets. After a rise yesterday, prices in Uttar Pradesh remained stable. Sugar prices in Kolhapur (S grade) remain in the Rs 3,390-3,430 per quintal range, while prices in Muzaffarnagar (M grade) were in the Rs 3,610-3,630 range.
Prices are expected to trade firm with limited downside in the coming months, according to Agrimandi.live, due to lower supply. In the short term, we anticipate prices in Kolhapur markets to trade in the Rs 3,380-3,460 per quintal range.
Ex-mill Sugar Prices as on May, 18 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 |
₹3515 to 3600 |
₹3700 |
|
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, 18 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 $705.90/ton, whereas the New York Sugar #11 front month contract is trading at 25.66 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.561 whereas USD was trading with BRL at 4.9395, Crude futures traded at ₹6000, Crude WTI traded at $72.80/barrel. Sensex closed 128.90 points lower at 61431.74 whereas Nifty ended 51.80 points lower at 18129.95
News Round-Up
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President Marcos Jr. aims to revive Philippine Sugar Corp
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