Daily Sugar Market Update By Vizzie – 19/05/2023

ChiniMandi, Mumbai: 19th May 2023

Domestic Market

Prices of domestic sugar stayed constant

On the domestic market, sugar prices remained stable. Sugar prices in domestic markets are being supported by rising temperatures and a decrease in supply. In Muzaffarnagar (M grade), quintal sugar costs between Rs 3,610 and Rs 3,630, while prices in Kolhapur (S grade) are still in the range of Rs 3,390-3,430.

Agrimandi.live predicts that prices will continue to trade strongly in the upcoming months with little room for decline. We anticipate that prices in the Kolhapur markets will fluctuate between Rs 3,380 and Rs 3,460 per quintal in the near future.

Ex-mill Sugar Prices as on May, 19 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

₹3435 to 3471

₹3515 to 3541

Tamil Nadu

₹3515 to 3600

₹3700

Madhya Pradesh

₹3550 to 3580

₹3620 to 3650

Punjab

₹3670 to 3701

(All the above rates are excluding GST)

Destination-wise Spot Prices as on May, 19 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 $714.20/ton, whereas the New York Sugar #11 front month contract is trading at 25.91 c/lb.

Currency, Commodity & Indian Indices

The rupee traded against the US dollar at 82.707 whereas USD was trading with BRL at 4.9662, Crude futures traded at ₹6015, Crude WTI traded at $72.75/barrel. Sensex closed 297.94 points higher at 61729.68 whereas Nifty ended 73.45 points higher at 18203.40

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