ChiniMandi, Mumbai: 22nd June 2023
Domestic Market
Sugar prices fell on dull demand
Sugar prices in major markets traded a tad lower after a two to three-session surge. Demand is reported to be subdued after a recent price rise. Prices in the major markets fell by Rs 10-15 per quintal. Prices in Kolhapur (S grade) ranged between Rs 3,440 and Rs 3,480, while prices in Muzaffarnagar (M grade) ranged between Rs 3,640 and Rs 3,670 per quintal.
Lower rainfall activity in the major cane growing regions of West Maharashtra and North Karnataka is supporting prices. Because of strong demand, Agrimandi.live expects prices to trade stable to firm in the coming week. Prices in the Kolhapur markets are expected to trade near Rs 3,500/3,520 per quintal in the near future, with a support level of Rs 3,390 per quintal.
Ex-mill Sugar Prices as on June, 22 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3425 to 3455 |
₹3525 to 3555 |
|
Karnataka |
₹3590 to 3650 |
– |
|
Uttar Pradesh |
|
₹3630 to 3735 |
|
Gujarat |
₹3491 to 3521 |
₹3591 to 3601 |
|
Tamil Nadu |
₹3615 to 3700 |
₹3710 |
|
Madhya Pradesh |
₹3635 to 3660 |
₹3700 to 3715 |
|
Punjab |
₹3710 to 3781 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 22 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3948.00 |
|
Kanpur |
M/30 |
₹3885.00 |
|
Kolhapur |
M/30 |
₹3780.00 |
|
Kolkata |
M/30 |
₹4011.00 |
|
Muzaffarnagar |
M/30 |
₹3885.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $675.70 ton, whereas the New York Sugar #11 front month contract is trading at 25.41 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.964 whereas USD was trading with BRL at 4.7638, Crude futures traded at ₹5843, Crude WTI traded at $70.88 barrel. Sensex closed 284.26 points lower at 63238.89 whereas Nifty ended 85.60 points lower at 18771.25
News Round-Up
Pankaj Wadhwa appointed as ISMA’s Deputy Director General
UPL to sign MoUs with 15 sugar mills for sustainable farming practices
UPL to sign MoUs with 15 sugar mills for sustainable farming practices
Bamboo could be upcoming renewable energy source: Study
Maharashtra: Monsoon to likely reach Mumbai by June 24, says IMD
Maharashtra: Monsoon to likely reach Mumbai by June 24, says IMD
Sensex ends 284 points lower, Nifty below 18,800
