ChiniMandi, Mumbai: 28th June 2023
Domestic Market
Prices for sugar in major markets continued to be stable.
Sugar prices in major cities remained stable due to lower demand and a subsequent drop in temperature caused by recent rainfall activity. Prices for S grade in Kolhapur ranged from Rs 3,425 to Rs 3,450, while prices for 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. The quota for the month of July will remain at 23.0 lakh tons, up 1.56 lakh tons from last year but down 0.5 lakh tons from the previous month, according to Agrimandi.live.
According to Agrimandi.live, prices will fall due to lower demand and improved weather conditions. In the near future, prices in the Kolhapur market are expected to move in the direction of Rs 3,380-3,400 per quintal, with Rs 3,500-3,520 per quintal acting as resistance.
Ex-mill Sugar Prices as on June, 28 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3415 to 3445 |
₹3515 to 3545 |
|
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 3645 |
₹3690 to 3715 |
|
Punjab |
₹3655 to 3685 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 28 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 $631.50 ton, whereas the New York Sugar #11 front month contract is trading at 22.99 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.045 whereas USD was trading with BRL at 4.8121, Crude futures traded at ₹5603, Crude WTI traded at $67.83 barrel. Sensex closed 499.39 points higher at 63915.42 whereas Nifty ended 154.70 points higher at 18972.10
News Round-Up
Govt hikes sugarcane price by Rs 10 to Rs 315 per quintal for 2023-24 season
Govt hikes sugarcane price by Rs 10 to Rs 315 per quintal for 2023-24 season
UP government makes record payment of Rs 2.14 lakh crore to sugarcane farmers in 6 years
UP government makes record payment of Rs 2.14 lakh crore to sugarcane farmers in 6 years
Area under sugarcane cultivation increases in Bijnor
World Bank approves USD 200 mln loan to increase Himachal’s green energy capacity
World Bank approves USD 200 mln loan to increase Himachal’s green energy capacity
Moderate to heavy rain likely in Goa today: IMD
