ChiniMandi, Mumbai: 23rd June 2023
Domestic Market
Weak sentiment reported in major centers
Sugar prices were reported to be low due to weak demand. Prices in the major markets fell by Rs 10-20 per quintal. Prices ranged from Rs 3,450 to Rs 3,480 in Kolhapur (S grade), and from Rs 3,650 to Rs 3,680 in Muzaffarnagar (M grade). However, below-normal rainfall activity is likely to limit price declines, as rains in major cane growing districts of Maharashtra are reported to be 70-95% lower, impacting standing crops.
Due to weather concerns in major growing states, Agrimandi.live expects prices to trade stable to firm. 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, 23 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 |
₹3471 to 3501 |
₹3571 to 3581 |
|
Tamil Nadu |
₹3615 to 3700 |
₹3700 |
|
Madhya Pradesh |
₹3635 to 3645 |
₹3705 to 3715 |
|
Punjab |
₹3710 to 3781 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 23 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3927.00 |
|
Kanpur |
M/30 |
₹3864.00 |
|
Kolhapur |
M/30 |
₹3759.00 |
|
Kolkata |
M/30 |
₹3990.00 |
|
Muzaffarnagar |
M/30 |
₹3858.75 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $666.60 ton, whereas the New York Sugar #11 front month contract is trading at 24.57 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.998 whereas USD was trading with BRL at 4.7734, Crude futures traded at ₹5652, Crude WTI traded at $68.70 barrel. Sensex closed 259.52 points lower at 62979.37 whereas Nifty ended 105.75 points lower at 18665.50
News Round-Up
Bangladesh: Police seize 52 sacks of sugar in Sherpur
Jalles Machado to set up new sugar plant in Brazil
Sona Machinery applauded for successful Grain Handling System project at Balrampur Chini Mills Ltd – Maizapur Unit
Centre amends power tariffs; charges to depend on time of day
Centre amends power tariffs; charges to depend on time of day
Andhra Pradesh CM laids foundation stone of two bio-ethanol energy plants
Andhra Pradesh CM laids foundation stone of two bio-ethanol energy plants
Sugarcane department will conduct visit of nearby cane farmers on the farm of innovative farmers and high yielder farmers
