ChiniMandi, Mumbai: 20th September 2023
Domestic Market
Domestic prices continue to surge
Due to strong festive demand, domestic sugar prices increased for a fifth straight session. In addition, the aggressive buying behavior for Diwali demand has caused a sharp increase in Muzaffarnagar’s prices. Prices increased by Rs 40–50 per quintal in the major markets of Uttar Pradesh, but only by Rs 10–20 per quintal in Kolhapur. Moreover, prices are likely to be supported in the short term by tighter balance sheets brought on by strong demand and smuggling activity into Bangladesh.
Rain is predicted for the first two weeks of October, though, and this could cause crushing activity to be postponed. This may support prices in the short term, as crushing activity is likely to be delayed.
Prices for a quintal of M grade sugar in Muzaffarnagar range between Rs. 3,850 and 3,880, while those in Kolhapur are between Rs. 3,640 and 3,680. The price of S grade sugar in Kolhapur markets is predicted by AgriMandi.live to be between Rs 3,620 and Rs 3,700.
Ex-mill Sugar Prices as on September, 20 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3655 to 3680 |
₹3755 to 3780 |
|
Karnataka |
₹3680 to 3725 |
– |
|
Uttar Pradesh |
|
₹3800 to 3910 |
|
Gujarat |
₹3651 to 3701 |
₹3751 to 3791 |
|
Tamil Nadu |
₹3725 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3780 to 3795 |
₹3850 to 3865 |
|
Punjab |
₹3960 to 4071 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 20 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4105.50 |
|
Kanpur |
M/30 |
₹4063.50 |
|
Kolhapur |
M/30 |
₹3958.50 |
|
Kolkata |
M/30 |
₹4168.50 |
|
Muzaffarnagar |
M/30 |
₹4074.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $731.80 ton, whereas the New York Sugar #11 front month contract is trading at 27.09 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.096 whereas USD was trading with BRL at 4.8670, Crude futures traded at ₹7479, Crude WTI traded at $89.95 barrel. Sensex closed 796.00 points lower at 66800.84 whereas Nifty ended 231.90 points lower at 19901.40
News Round-Up
Haryana: Cooperative sugar mills to begin crushing from November, says Minister
Haryana: Cooperative sugar mills to begin crushing from November, says Minister
Brazil: Sugarcane processing, ethanol production up during second half of August
Brazil: Sugarcane processing, ethanol production up during second half of August
Bangladesh: Early harvest of sugarcane in full swing in Dhaka
Bangladesh: Early harvest of sugarcane in full swing in Dhaka
Adani Green Energy, TotalEnergies form joint venture to expand partnership
Adani Green Energy, TotalEnergies form joint venture to expand partnership
Sensex ends 796 points lower, Nifty nears 19,900
