ChiniMandi, Mumbai: 16th June 2023
Domestic Market
Sugar prices steady to weak on subdued demand
Sugar prices in major markets remained low due to weak demand in Muzaffarnagar. Meanwhile, demand is said to be very good in Kolhapur, which is supporting Maharashtra prices. The lack of truck movement caused by Cyclone “Biparjoy” is also weighing on domestic market prices.
Prices in Kolhapur’s major markets (S grade) remained stable in the Rs 3,385 to Rs 3,440 range, while prices in Muzaffarnagar (M grade) fell by Rs 10-20 per quintal, ranging from Rs 3,640 to Rs 3,660.
Prices are expected to trade steady to firm due to strong demand, according to Agrimandi.live. Prices in the Kolhapur markets are expected to trade near Rs 3,480 per quintal in the near future, with a support level of Rs 3,360 per quintal.
Ex-mill Sugar Prices as on June, 16 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3385 to 3415 |
₹3485 to 3515 |
|
Karnataka |
₹3590 to 3650 |
– |
|
Uttar Pradesh |
|
₹3610 to 3735 |
|
Gujarat |
₹3461 to 3501 |
₹3561 to 3581 |
|
Tamil Nadu |
₹3610 to 3700 |
₹3690 |
|
Madhya Pradesh |
₹3560 to 3685 |
₹3620 to 3675 |
|
Punjab |
₹3710 to 3761 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on June, 16 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3906.00 |
|
Kanpur |
M/30 |
₹3853.50 |
|
Kolhapur |
M/30 |
₹3696.00 |
|
Kolkata |
M/30 |
₹3948.00 |
|
Muzaffarnagar |
M/30 |
₹3843.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $692.70 ton, whereas the New York Sugar #11 front month contract is trading at 26.16 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.939 whereas USD was trading with BRL at 4.8107, Crude futures traded at ₹5780, Crude WTI traded at $70.45 barrel. Sensex closed 466.95 points higher at 63384.58 whereas Nifty ended 137.90 points higher at 18826.00
News Round-Up
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Sensex ends 466 points higher, Nifty above 18,800
