ChiniMandi, Mumbai: 27th June 2023
Domestic Market
Prices for sugar in major markets continued to be stable.
Due to the moderate demand and subsequent drop in temperature brought on by recent rainfall activity, sugar prices in major cities remained stable. Prices for the S grade in Kolhapur ranged from Rs 3,425 to Rs 3,450, while prices for the M grade in Muzaffarnagar ranged from Rs 3,640 to Rs 3,670. Market participants are also looking forward to the July monthly quota announcement. According to Agrimandi.live, the quota for the month of July will remain at 22.5 lakh tons, up 1.5 lakh tons from last year but down 1.0 lakh tons from the previous month.
Agrimandi.live predicts that prices will decline due to decreased demand and improving weather conditions. Prices in the Kolhapur market are expected to move in the direction of Rs 3,380-3,400 per quintal in the near future, with Rs 3,500-3,520 per quintal acting as resistance.
Ex-mill Sugar Prices as on June, 27 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3450 |
₹3520 to 3550 |
|
Karnataka |
₹3550 to 3625 |
– |
|
Uttar Pradesh |
|
₹3625 to 3735 |
|
Gujarat |
₹3451 to 3481 |
₹3551 to 3561 |
|
Tamil Nadu |
₹3600 to 3700 |
– |
|
Madhya Pradesh |
₹3635 to 3650 |
₹3690 to 3715 |
|
Punjab |
₹3720 to 3781 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 27 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 $628.30 ton, whereas the New York Sugar #11 front month contract is trading at 23.28 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.012 whereas USD was trading with BRL at 4.7656, Crude futures traded at ₹5646, Crude WTI traded at $68.19 barrel. Sensex closed 446.03 points higher at 63416.03 whereas Nifty ended 126.20 points higher at 18817.40
News Round-Up
Demand to make Sanjivani sugar mill’s revival plan public
Tamil Nadu: Farmers demand revival of sugar mill at Alanganallur
Tamil Nadu: Farmers demand revival of sugar mill at Alanganallur
Vishwaraj Sugar to supply additional 12 million litres of ethanol to OMCs
Vishwaraj Sugar to supply additional 12 million litres of ethanol to OMCs
Centre extends timeline for disbursement of loan of ethanol projects up to 30 Sep 2023
Centre extends timeline for disbursement of loan of ethanol projects up to 30 Sep 2023
Centre to release tur dal from buffer till imported stocks arrive
Centre to release tur dal from buffer till imported stocks arrive
