ChiniMandi, Mumbai: 3rd November 2023
Domestic Market
Domestic sugar prices continue to fall for the second session
Sugar prices in the major domestic market have shown signs of weakness for the second session after a spike last week. Demand is said to be low, and prices have dropped by Rs 10-20 per quintal. Furthermore, crushing operations began this week, which should slow the price increase that began in mid-November. Prices are expected to remain stable in the short term, but the start of crushing operations is likely to keep prices stable in the medium term.
In Kolhapur, S-grade sugar costs between Rs. 3,650 and Rs. 3,700 per quintal, while M-grade sugar costs between Rs. 3,950 and Rs. 3,980. According to Agrimandi.live, S grade sugar will trade in Kolhapur markets for between Rs 3,600 and Rs 3,720 over the next two weeks.
Ex-mill Sugar Prices as on November, 03 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3620 to 3670 |
₹3720 to 3770 |
|
Karnataka |
₹3690 to 3710 |
₹3760 |
|
Uttar Pradesh |
|
₹3885 to 3960 |
|
Gujarat |
₹3671 to 3701 |
₹3751 to 3781 |
|
Tamil Nadu |
₹3755 to 3850 |
₹3830 to 3900 |
|
Madhya Pradesh |
₹3855 to 3870 |
₹3925 to 3940 |
|
Punjab |
₹4020 to 4230 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on November, 03 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,179.00 |
|
Kanpur |
M/30 |
₹4,147.50 |
|
Kolhapur |
M/30 |
₹3,958.50 |
|
Kolkata |
M/30 |
₹4,200.00 |
|
Muzaffarnagar |
M/30 |
₹4,147.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $744.50 ton, whereas the New York Sugar #11 front month contract is trading at 27.38 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.276 whereas USD was trading with BRL at 4.9555, Crude futures traded at ₹6899, Crude WTI traded at $82.72 barrel. Sensex closed 282.88 points higher at 64363.78 whereas Nifty ended 97.35 points higher at 19230.60
News Round-Up
Sugar industry in UP seeks help of NSI to further reduce fresh water consumption and effluent discharge
Maharashtra: Deadlock continues over additional payment for sugarcane
Maharashtra: Deadlock continues over additional payment for sugarcane
Telangana: Sugarcane farmers demand reopening of Muthyampet sugar factory
Telangana: Sugarcane farmers demand reopening of Muthyampet sugar factory
Haryana’s target is to reduce stubble burning by 50%: Dy Commmssioner Jind
Haryana’s target is to reduce stubble burning by 50%: Dy Commissioner Jind
Sensex ends 283 points higher, Nifty above 19,200
