ChiniMandi, Mumbai: 28th April 2023
Government Announcement
In a notification issued on 26th day of April 2023, the food ministry has allocated 24 LMT monthly sugar quota for May 2023 to 558 sugar mills.
Domestic Market
Higher monthly quota dragging prices lower
Domestic sugar prices settled lower across the major markets except Kolhapur on higher than expected monthly quota allocation for the month of May. Prices at Kolhapur and North karnataka were reported almost steady on the back of lesser supply and slump in production.
According to Agrimandi.live, prices are expected to trade lower due to higher quota announcements in the coming days. More fall is anticipated in Muzaffarnagar than Kolhapur market and spread between these markets are likely to narrow in coming days.
Ex-mill Sugar Prices as on April, 28 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3410 |
₹3500 to 3510 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3421 to 3441 |
₹3491 to 3531 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3625 to 3650 |
|
Madhya Pradesh |
₹3580 to 3655 |
₹3640 to 3725 |
|
Punjab |
₹3710 to 3751 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 28 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,853.50 |
|
Kanpur |
M/30 |
₹3,801.00 |
|
Kolhapur |
M/30 |
₹3,654.00 |
|
Kolkata |
M/30 |
₹4,011.00 |
|
Muzaffarnagar |
M/30 |
₹3,780.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $713.90/ton, whereas the New York Sugar #11 front month contract is trading at 26.53 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.814 whereas USD was trading with BRL at 4.9788, Crude futures traded at ₹6160, Crude WTI traded at $75.06/barrel. Sensex closed 463.06 points higher at 61112.44 whereas Nifty ended 149.95 points higher at 18065.00
News Round-Up
AAP to protest demanding payment of cane dues
Pakistan fixes sugar price at Rs 99 per kg
“Energy Transition Towards a Net Zero World” – 16th Singapore International Energy Week
“Energy Transition Towards a Net Zero World” – 16th Singapore International Energy Week
Foreign investors remain net buyers in Indian stocks in April
Foreign investors remain net buyers in Indian stocks in April
Sensex ends 463 points higher, Nifty above 18,050
