ChiniMandi, Mumbai: 21st April 2023
Domestic Market
Domestic sugar prices remained steady
Steady sentiment reported in domestic sugar prices after a fall for session. Furthermore, lower retail demand is keeping prices in check, while lower production in Maharashtra will limit price declines. Prices have fallen by Rs 40 to 70 per Qntl. since their recent peak in mid-April.
Prices are expected to trade in a broader range in the near term, with limited downside due to limited supply. We anticipates a downside risk of Rs 20 to 30 per Qntl over major producing centers.
Ex-mill Sugar Prices as on April, 21 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3410 |
₹3520 to 3540 |
|
Karnataka |
₹3550 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3590 to 3650 |
|
Gujarat |
₹3461 to 3501 |
₹3531 to 3571 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3620 to 3650 |
|
Madhya Pradesh |
₹3580 to 3655 |
₹3630 to 3725 |
|
Punjab |
₹3745 to 3801 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 21 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,895.50 |
|
Kanpur |
M/30 |
₹3,843.00 |
|
Kolhapur |
M/30 |
₹3,685.50 |
|
Kolkata |
M/30 |
₹4,053.00 |
|
Muzaffarnagar |
M/30 |
₹3,811.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $688.50/ton, whereas the New York Sugar #11 front month contract is trading at 25.33 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.087 whereas USD was trading with BRL at 5.0493, Crude futures traded at ₹6380, Crude WTI traded at $77.52/barrel. Sensex closed 22.71 points higher at 59655.06 whereas Nifty ended 0.40 points lower at 17624.05
News Round-Up
Brazil’s sugarcane area plunges to lowest in 12 years
Philippines: SRA plans to sell 4000 MT of smuggled refined sugar by May
Philippines: SRA plans to sell 4000 MT of smuggled refined sugar by May
Ethanol plant work progressing at Gandepally in Andhra Pradesh
Ethanol plant work progressing at Gandepally in Andhra Pradesh
NSE comes out with framework for appointing forensic auditors
NSE comes out with framework for appointing forensic auditors
India reports 11,692 fresh COVID-19 cases in last 24 hours
