ChiniMandi, Mumbai: 2nd August 2023
Domestic Market
Domestic sugar prices saw a steady to positive sentiment
Sugar prices in the Kolhapur market rose further due to limited sugar supply. Prices in other markets were reported to be stable, and demand was reported to be strong ahead of the holiday season. Prices at Kolhapur markets were reported to be higher by Rs 10 per quintal.
In Kolhapur, S-grade sugar is priced between Rs 3,500 and Rs 3,540, while M-grade sugar in Uttar Pradesh is priced between Rs 3,660 and Rs 3,700. According to Agrimandi.live, the price of S grade is expected to trade in the Kolhapur markets between Rs 3,500 and Rs 3,580 per quintal in the near future.
Even though the Tender prices are increasing and are at the higher end, the demand in the market is low and hence the prices are stable.
Ex-mill Sugar Prices as on August, 2 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3530 to 3580 |
₹3630 to 3680 |
|
Karnataka |
₹3580 to 3625 |
– |
|
Uttar Pradesh |
|
₹3640 to 3720 |
|
Gujarat |
₹3551 to 3591 |
₹3641 to 3681 |
|
Tamil Nadu |
₹3600 to 3700 |
₹3690 to 3750 |
|
Madhya Pradesh |
₹3730 to 3740 |
₹3780 to 3810 |
|
Punjab |
₹3765 to 3831 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on August, 2 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3927.00 |
|
Kanpur |
M/30 |
₹3874.50 |
|
Kolhapur |
M/30 |
₹3843.00 |
|
Kolkata |
M/30 |
₹4032.00 |
|
Muzaffarnagar |
M/30 |
₹3874.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $700.60 ton, whereas the New York Sugar #11 front month contract is trading at 24.45 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.578 whereas USD was trading with BRL at 4.7948, Crude futures traded at ₹6767, Crude WTI traded at $82.02 barrel. Sensex closed 676.53 points lower at 65782.78 whereas Nifty ended 207.00 points lower at 19526.55
News Round-Up
Q1 net profit of Dalmia Bharat increases to Rs 61.34 crore
ISMA’s preliminary estimates of sugar production for 2023-24 season
ISMA’s preliminary estimates of sugar production for 2023-24 season
Philippines: Sugar supply sufficient to meet existing demand
Philippines: Sugar supply sufficient to meet existing demand
Philippines: El Nino may impact sugarcane production
Sensex ends 677 points lower, Nifty below 19,550
