ChiniMandi, Mumbai: 21st September 2023
Domestic Market
Domestic prices traded stable after a rise for a week
Domestic sugar prices were quoted stable after a significant increase over the previous five sessions. Due to the upcoming festive season, demand is said to be strong. Furthermore, tighter balance sheets brought on by high demand and smuggling activity into Bangladesh are likely to support prices in the short term.
However, the first two weeks of October are expected to experience rain, which could delay crushing operations. As crushing activity is probably going to be delayed, this may support prices in the short term.
In Kolhapur, quintals of M grade sugar cost between Rs. 3,640 and 3,680, while prices in Muzaffarnagar range from Rs. 3,850 to 3,880. AgriMandi forecasts the S grade sugar in the markets of Kolhapur between Rs 3,620 and Rs 3,700.
Ex-mill Sugar Prices as on September, 21 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 |
|
₹3815 to 3920 |
|
Gujarat |
₹3651 to 3701 |
₹3751 to 3791 |
|
Tamil Nadu |
₹3740 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3770 |
₹3840 to 3860 |
|
Punjab |
₹3950 to 4071 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 21 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 $728.20 ton, whereas the New York Sugar #11 front month contract is trading at 26.73 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.037 whereas USD was trading with BRL at 4.8798, Crude futures traded at ₹7399, Crude WTI traded at $89.02 barrel. Sensex closed 570.60 points lower at 66230.24 whereas Nifty ended 159.05 points lower at 19742.35
News Round-Up
Maharashtra: WISMA urges government to give permission to start crushing season from October 15
Maharashtra: WISMA urges government to grant permission to start crushing season from October 15
Maharashtra government lifts sugarcane export ban
West Bengal: Spanish firm Travipos SA plans to set up ethanol unit
West Bengal: Spanish firm Travipos SA plans to set up ethanol unit
Odisha Chief Minister Naveen Patnaik disburses financial assistance to over 40 lakh farmers
Odisha Chief Minister Naveen Patnaik disburses financial assistance to over 40 lakh farmers
Sensex ends 570 points lower, Nifty below 19,750
