ChiniMandi, Mumbai: 26th June 2023
Domestic Market
Prices for sugar in major cities were reported to be stable.
According to reports, sugar prices at major centers were stable due to low demand. Additionally, market participants are anticipating the July monthly quota announcement. Prices for the S grade in Kolhapur ranged from Rs 3,450 to Rs 3,480, and for the M grade in Muzaffarnagar, they were between Rs 3,640 and Rs 3,670.
Over the major cane growing belts in Western Maharashtra and North Karnataka, there has been moderate rainfall, which will aid in crop development.
Agrimandi.live predicts that prices will decline due to decreased demand and improving weather conditions. In the near future, it is anticipated that prices in the Kolhapur markets will move in the direction of Rs 3,380-3,400 per quintal, with Rs 3,500-3,520 per quintal acting as a resistance.
Ex-mill Sugar Prices as on June, 26 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3425 to 3455 |
₹3525 to 3555 |
|
Karnataka |
₹3575 to 3650 |
– |
|
Uttar Pradesh |
|
₹3630 to 3735 |
|
Gujarat |
₹3451 to 3481 |
₹3551 to 3561 |
|
Tamil Nadu |
₹3610 to 3700 |
₹3680 |
|
Madhya Pradesh |
₹3630 to 3650 |
₹3690 to 3715 |
|
Punjab |
₹3720 to 3791 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 26 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3916.50 |
|
Kanpur |
M/30 |
₹3853.50 |
|
Kolhapur |
M/30 |
₹3759.00 |
|
Kolkata |
M/30 |
₹3990.00 |
|
Muzaffarnagar |
M/30 |
₹3848.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $660.20 ton, whereas the New York Sugar #11 front month contract is trading at 24.56 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.033 whereas USD was trading with BRL at 4.7877, Crude futures traded at ₹5703, Crude WTI traded at $69.53 barrel. Sensex closed 9.37 points lower at 62970.00 whereas Nifty ended 25.70 points higher at 18691.20
News Round-Up
Global Sugar Alliance welcomes WHO’s health caution on artificial sweeteners
Global Sugar Alliance welcomes WHO’s health caution on artificial sweeteners
India negotiating with Brazil to resolve sugar dispute at WTO
India negotiating with Brazil to resolve sugar dispute at WTO
Mysugar mill will clear bills of farmers within 14 days of supplying sugarcane
Mysugar mill will clear bills of farmers within 14 days of supplying sugarcane
India, US sign MoU to combat climate change
Govt directs FCI to conduct e-auctions of wheat, rice to check inflation
Govt directs FCI to conduct e-auctions of wheat, rice to check inflation
