ChiniMandi, Mumbai: 5th September 2023
Domestic Market
Domestic prices reported stable after a sharp rise
Domestic sugar prices were reported stable after a sharp rise in the major markets. Demand is reported to be dull at current price levels. Moreover, rains were reported over major cane growing regions of Maharashtra and South India in the last 2-3 days. These rains are likely to be helpful for better crop development but may not curtail the price rise due to short supply.
The government is considering stock limits, and further price increases may result in additional sugar allocations for the month of September.
According to reports, a quintal in Muzaffarnagar costs between Rs. 3,770 and 3,800, while a quintal in Kolhapur costs between Rs. 3,620 and 3,650. According to AgriMandi.live, S grade will soon be traded in Kolhapur markets for between Rs 3,580 and Rs 3,700 per quintal.
Ex-mill Sugar Prices as on September, 5 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3650 to 3660 |
โน3750 to 3760 |
|
Karnataka |
โน3710ย to 3740 |
โน3775 |
|
Uttar Pradesh |
|
โน3750 to 3830 |
|
Gujarat |
โน3611 to 3661 |
โน3711 to 3751 |
|
Tamil Nadu |
โน3720 to 3825 |
โน3825 to 3875 |
|
Madhya Pradesh |
โน3770 to 3780 |
โน3840 to 3860 |
|
Punjab |
โน3850 to 3980 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 5 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน4021.50 |
|
Kanpur |
M/30 |
โน3979.50 |
|
Kolhapur |
M/30 |
โน3927.00 |
|
Kolkata |
M/30 |
โน4137.00 |
|
Muzaffarnagar |
M/30 |
โน4000.50a |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $739.40 ton, whereas the New York Sugar #11 front month contract is trading at 26.19 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.024 whereas USD was trading with BRL at 4.9376, Crude futures traded at โน7089, Crude WTI traded at $85.49 barrel. Sensex closed 152.12 points higher at 65780.26 whereas Nifty ended 46.10 points higher at 19574.90
News Round-Up
Karnataka: King Rudra Sugars plans to expand distillery facility
Karnataka: King Rudra Sugars plans to expand distillery facility
Punjab: Farmer unions demand compensation for sugarcane and other crops loss due to floods
Punjab: Farmer unions demand compensation for sugarcane and other crops loss due to floods
Uttarakhand: Farmers urge government to increase sugarcane price
Uttarakhand: Farmers urge government to increase sugarcane price
MP: Grain traders hold indefinite strike to reduce mandi tax in Indore
MP: Grain traders hold indefinite strike to reduce mandi tax in Indore
India services PMI falls marginally but overall remains robust
India services PMI falls marginally but overall remains robust
