ChiniMandi, Mumbai: 1st June 2023
Domestic Market
Mixed cues in sugar prices, UP up again, Kolhapur fell
Sugar prices were mixed, with prices rising in Muzaffarnagar but falling in Kolhapur. Higher monthly quotas are weighing on Kolhapur market prices, while strong demand in North India is supporting prices. Prices for Muzaffarnagar (M grade) were trading at Rs 3,660-3,670 per quintal, while prices for Kolhapur (S grade) fell by Rs 10 to Rs 3,410 per quintal.
Prices are expected to trade steady to firm due to strong demand, with little room for decline, according to Agrimandi.live. In the near future, prices in the Kolhapur markets are expected to trade towards Rs 3,480 per quintal, with a support level of Rs 3,360 per quintal.
Ex-mill Sugar Prices as on June, 1 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3395 |
₹3485 to 3495 |
|
Karnataka |
₹3525 to 3625 |
₹3650 |
|
Uttar Pradesh |
|
₹3605 to 3715 |
|
Gujarat |
₹3461 to 3501 |
₹3551 to 3571 |
|
Tamil Nadu |
₹3565 to 3650 |
– |
|
Madhya Pradesh |
₹3520 to 3565 |
₹3580 to 3635 |
|
Punjab |
₹3710 to 3771 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 1 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3916.50 |
|
Kanpur |
M/30 |
₹3864.00 |
|
Kolhapur |
M/30 |
₹3685.50 |
|
Kolkata |
M/30 |
₹3958.50 |
|
Muzaffarnagar |
M/30 |
₹3848.25 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $702.20/ton, whereas the New York Sugar #11 front month contract is trading at 25.34 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.431 whereas USD was trading with BRL at 5.0558, Crude futures traded at ₹5598, Crude WTI traded at $67.70/barrel. Sensex closed 193.70 points lower at 62428.54 whereas Nifty ended 46.65 points lower at 18487.75
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