ChiniMandi, Mumbai: 18th September 2023
Domestic Market
Domestic prices continue to trade higher for the third session.
Domestic sugar prices rose for a third session due to strong holiday demand. Furthermore, lower rainfall activity combined with a tighter balance sheet as a result of robust demand and smuggling activity to Bangladesh is likely to support prices in the short term. Rains are expected in the first two weeks of October, which may delay crushing activity. This may support prices in the short term as crushing activity is likely to be delayed.
In Muzaffarnagar, M grade sugar prices range between Rs. 3,790 and 3,810 per quintal, and in Kolhapur, between Rs. 3,630 and 3,660. According to AgriMandi.live’s forecast, the S grade sugar in Kolhapur markets is likely to range between Rs 3,580 and Rs 3,700.
Ex-mill Sugar Prices as on September, 18 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3655 to 3680 |
₹3755 to 3780 |
|
Karnataka |
Holiday |
Holiday |
|
Uttar Pradesh |
|
₹3770 to 3875 |
|
Gujarat |
₹3651 to 3701 |
₹3751 to 3791 |
|
Tamil Nadu |
Holiday |
Holiday |
|
Madhya Pradesh |
₹3780 to 3790 |
₹3830 to 3860 |
|
Punjab |
₹3960 to 4071 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 18 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4053.00 |
|
Kanpur |
M/30 |
₹4011.00 |
|
Kolhapur |
M/30 |
₹3948.00 |
|
Kolkata |
M/30 |
₹4158.00 |
|
Muzaffarnagar |
M/30 |
₹4032.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $720.90 ton, whereas the New York Sugar #11 front month contract is trading at 26.49 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.341 whereas USD was trading with BRL at 4.8685, Crude futures traded at ₹7594, Crude WTI traded at $90.50 barrel. Sensex closed 241.79 points lower at 67596.84 whereas Nifty ended 59.05 points lower at 20133.30
News Round-Up
Atul Chaturvedi of Shree Renuka Sugars bats for higher ethanol prices
Atul Chaturvedi of Shree Renuka Sugars bats for higher ethanol prices
India, Brazil start discussions to resolve sugar-related trade dispute at WTO
India, Brazil start discussions to resolve sugar-related trade dispute at WTO
Bijnor: Heavy rains, floods cause damage to sugarcane crops
Telangana CM inaugurates lift irrigation project to fill Anjanagiri reservoir with water from Krishna River
Sensex ends 242 points lower, Nifty below 20,150
