ChiniMandi, Mumbai: 11th May 2023
Domestic Market
Steady to weak sentiment reported across the markets
Domestic sugar prices at major markets reported steady to weak. Prices quotes steady at Kolhapur while fell in Muzaffarnagar and Kolkata by Rs 5-10 per Qtl. Easing temperature is weighing on prices.
Sugar prices at Kolhapur (S grade) traded in the range of Rs 3,390-3,430 per Qtl, while in Muzaffarnagar (M Grade), prices were in the range of Rs 3,600-3,620 per Qtl.
According to Agrimandi.live, prices are expected to trade in a broader range with a limited downside in the coming days. Lower supply is likely to keep prices supported in the coming months.
Ex-mill Sugar Prices as on May, 11 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3410 |
₹3490 to 3520 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3425 to 3461 |
₹3505 to 3531 |
|
Tamil Nadu |
₹3535 to 3620 |
₹3620 to 3700 |
|
Madhya Pradesh |
₹3580 to 3620 |
₹3630 to 3670 |
|
Punjab |
₹3690 to 3721 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 11 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,853.50 |
|
Kanpur |
M/30 |
₹3,801.00 |
|
Kolhapur |
M/30 |
₹3,680.25 |
|
Kolkata |
M/30 |
₹3,979.50 |
|
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 $720.70/ton, whereas the New York Sugar #11 front month contract is trading at 26.69 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.102 whereas USD was trading with BRL at 4.9443, Crude futures traded at ₹5995, Crude WTI traded at $72.84/barrel. Sensex closed 35.68 points lower at 61904.52 whereas Nifty ended 18.10 points lower at 18297.00
News Round-Up
Area under Co-0238 sugarcane variety may fall
Sugarcane production in Thailand likely to fall in 2023-24
Seminar on ‘Water & Effluent Management in Sugar Industry- Emerging Challenges’ held at NSI
Seminar on ‘Water & Effluent Management in Sugar Industry- Emerging Challenges’ held at NSI
Ethanol production rises in Uttar Pradesh
Current wheat procurement 252 LMT, 75 LMT higher than last season
Current wheat procurement 252 LMT, 75 LMT higher than last season
Deep depression over Bay of Bengal intensifies into cyclonic storm Mocha: IMD
Deep depression over Bay of Bengal intensifies into cyclonic storm Mocha: IMD
