ChiniMandi, Mumbai: 12th May 2023
Domestic Market
Domestic sugar prices traded stable
Domestic sugar prices in major markets traded stable after a fall yesterday. 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 3,600-3,630 per Qtl. Easing temperatures due to recent rainfall activity is keeping demand lower.
According to Agrimandi.live, prices are expected to trade in a broader range with limited downside in the coming days. Lower supply is likely to keep prices supported in the coming months.
Furthermore, according to recent weather models, there is a 90% chance of El Nino in the coming monsoon season, which is likely to keep prices supported because El Nino will reduce sugar production.
Ex-mill Sugar Prices as on May, 12 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3390 to 3410 |
₹3490 to 3520 |
|
Karnataka |
₹3530 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 |
₹3575 to 3615 |
₹3630 to 3685 |
|
Punjab |
₹3690 to 3721 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 12 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 $709.20/ton, whereas the New York Sugar #11 front month contract is trading at 26.06 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.174 whereas USD was trading with BRL at 4.9308, Crude futures traded at ₹5856, Crude WTI traded at $71.12/barrel. Sensex closed 123.38 points higher at 62027.90 whereas Nifty ended 17.80 points higher at 18314.80
News Round-Up
Gujarat tops in average sugar recovery in country
Ethanol boost: Brazil to prioritize deepening energy ties with India
Ethanol boost: Brazil to prioritize deepening energy ties with India
Afghanistan: FAO warns of severe locust outbreak across 8 provinces
Afghanistan: FAO warns of severe locust outbreak across 8 provinces
Parts of northeast Bihar to witness heatwave conditions: IMD
Parts of northeast Bihar to witness heatwave conditions: IMD
Sensex ends 123 points higher, Nifty above 18,300
