ChiniMandi, Mumbai: 4th May 2023
Domestic Market
Steady sentiment was witnessed in major markets
Domestic sugar prices remained stable due to strong demand after falling for three to four sessions. Despite higher monthly quota allocations, good demand in the spot markets are supporting prices. Moreover, drastic reductions in production are also supporting the prices.
According to Agrimandi.live, prices are expected to trade higher with a limited downside due to lower supply in the coming days. More rise is anticipated in the Kolhapur market than in Muzaffarnagar, and the spread between these markets is likely to narrow in the coming days.
Ex-mill Sugar Prices as on May, 4 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3420 to 3430 |
₹3500 to 3530 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3590 to 3655 |
|
Gujarat |
₹3431 to 3451 |
₹3501 to 3541 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3625 to 3650 |
|
Madhya Pradesh |
₹3570 to 3620 |
₹3620 to 3690 |
|
Punjab |
₹3690 to 3721 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 4 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,853.50 |
|
Kanpur |
M/30 |
₹3,801.00 |
|
Kolhapur |
M/30 |
₹3,685.50 |
|
Kolkata |
M/30 |
₹3,990.00 |
|
Muzaffarnagar |
M/30 |
₹3,780.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $688.60/ton, whereas the New York Sugar #11 front month contract is trading at 25.12 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.756 whereas USD was trading with BRL at 4.9909, Crude futures traded at ₹5623, Crude WTI traded at $68.65/barrel. Sensex closed 555.95 points higher at 61749.25 whereas Nifty ended 165.95 points higher at 18255.80
News Round-Up
ISMA urges government to hike sugar MSP to Rs 38 per kg
Philippines: Seized smuggled sugar will be available for sale at Kadiwa stores
Philippines: Seized smuggled sugar will be available for sale at Kadiwa stores
Season 2022-23: Sugar mills in UP clear 75.43 per cent of cane dues
Season 2022-23: Sugar mills in UP clear 75.43 per cent of cane dues
India sees slight rise in Covid-19 cases with 3,962 new infections in last 24 hours
India sees slight rise in Covid-19 cases with 3,962 new infections in last 24 hours
Cargo volumes at Adani Ports rise 13 per cent in April 2023
Sensex ends 556 points higher, Nifty above 18,250
