ChiniMandi, Mumbai: 25th May 2023
Domestic Market
Steady to firm sentiment in domestic sugar markets
Domestic sugar prices in major Indian markets were stable to firm due to strong demand at current prices. Muzaffarnagar (M grade) sugar prices increased by Rs 25 per quintal to Rs 3,625 per quintal, while Kolhapur (S grade) sugar prices remained stable in the Rs 3,400 to 3,440 per quintal range.
According to Agrimandi.live, prices will continue to trade higher on good demand, with limited downside. In the near future, we expect prices in the Kolhapur markets to trade towards Rs 3,480 per quintal.
Ex-mill Sugar Prices as on May, 25 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3395 |
₹3485 to 3495 |
|
Karnataka |
₹3525 to 3575 |
₹3625 |
|
Uttar Pradesh |
|
₹3585 to 3695 |
|
Gujarat |
₹3521 to 3561 |
₹3591 to 3641 |
|
Tamil Nadu |
₹3490 to 3600 |
₹3700 |
|
Madhya Pradesh |
₹3550 to 3595 |
₹3620 to 3655 |
|
Punjab |
₹3660 to 3701 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 25 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,874.50 |
|
Kanpur |
M/30 |
₹3,822.00 |
|
Kolhapur |
M/30 |
₹3,701.25 |
|
Kolkata |
M/30 |
₹3,969.00 |
|
Muzaffarnagar |
M/30 |
₹3,806.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $702.70/ton, whereas the New York Sugar #11 front month contract is trading at 25.18 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.738 whereas USD was trading with BRL at 4.9601, Crude futures traded at ₹6081, Crude WTI traded at $73.01/barrel. Sensex closed 98.84 points higher at 61872.62 whereas Nifty ended 35.75 points higher at 18321.15
News Round-Up
Karnataka: Mandya legislators urge government to release Rs 10 crore for Mysugar mill
Karnataka: Mandya legislators urge government to release Rs 10 crore for Mysugar mill
Study discovers new method that lowers crop damage from mice, during plague
Study discovers new method that lowers crop damage from mice, during plague
PM Modi addresses business roundtable in Sydney, invites Australian CEOs to take advantage of investment opportunities in India
India being looked upon as bright spot by world: Piyush Goyal
India being looked upon as bright spot by world: Piyush Goyal
Sensex ends 98 points higher, Nifty above 18,300
