ChiniMandi, Mumbai: 8th September 2023
Domestic Market
Domestic prices remained stable for the fourth session.
Domestic sugar prices were reported stable for a third session after a sharp increase in the major markets. At current prices, demand is said to be sluggish, putting downward pressure on prices. Furthermore, rain has been reported in the main cane-growing areas of Maharashtra and South India over the last week, with more rain forecast for the coming week. Although these rains are likely to aid crop development, a lack of supply may result in price increases.
As the government considers stock limits, further price increases may result in additional sugar allocations for September.
The price of a quintal is reported to range between Rs. 3,770 and 3,800 in Muzaffarnagar and Rs. 3,620 to 3,650 in Kolhapur. AgriMandi.live reports that the cost of a quintal of S grade sugar in Kolhapur markets will range between Rs 3,580 and Rs 3,700.
Ex-mill Sugar Prices as on September, 8 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3640 to 3670 |
₹3740 to 3770 |
|
Karnataka |
₹3675 to 3740 |
₹3775 |
|
Uttar Pradesh |
|
₹3750 to 3830 |
|
Gujarat |
₹3611 to 3661 |
₹3711 to 3751 |
|
Tamil Nadu |
₹3720 to 3825 |
₹3825 to 3875 |
|
Madhya Pradesh |
₹3755 to 3775 |
₹3825 to 3845 |
|
Punjab |
₹3870 to 3971 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on September, 8 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4021.50 |
|
Kanpur |
M/30 |
₹3979.50 |
|
Kolhapur |
M/30 |
₹3927.00 |
|
Kolkata |
M/30 |
₹4137.00 |
|
Muzaffarnagar |
M/30 |
₹4000.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $733.70 ton, whereas the New York Sugar #11 front month contract is trading at 26.64 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.003 whereas USD was trading with BRL at 4.9733, Crude futures traded at ₹7269, Crude WTI traded at $87.58 barrel. Sensex closed 333.35 points higher at 66598.91 whereas Nifty ended 92.90 points higher at 19819.95
News Round-Up
Dilip Patil awarded with Industry Excellence Award from STAI
Dilip Patil awarded with Industry Excellence Award from STAI
Bagaha: Sugarcane farmers express concern over traffic jams in upcoming crushing season
Bagaha: Sugarcane farmers express concern over traffic jams in upcoming crushing season
BCL Industries to expand distillery capacity
Centre not procuring rice from Chhattisgarh, says Chief Minister Baghel
Centre not procuring rice from Chhattisgarh, says Chief Minister Baghel
Sensex ends 333 points higher, Nifty above 19,800
