ChiniMandi, Mumbai: 24th May 2023
Domestic Market
Domestic sugar prices reported stable
Domestic sugar prices in major markets of India reported stable on good demand. Sugar prices in Muzaffarnagar (M grade) continued to trade in the range of Rs 3,590 to Rs 3,620 per quintal, while those in Kolhapur (S grade) ranged from Rs 3,400 to 3,440 per quintal.
According to Agrimandi.live, prices will continue to trade higher on good demand, with limited downside. In the near future, we expect prices in the Kolhapur markets to trade between Rs 3,380 and Rs 3,460 per quintal.
Ex-mill Sugar Prices as on May, 24 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3390 to 3400 |
โน3490 to 3500 |
|
Karnataka |
โน3525 to 3575 |
โน3600 to 3625 |
|
Uttar Pradesh |
|
โน3575 to 3685 |
|
Gujarat |
โน3521 to 3561 |
โน3591 to 3641 |
|
Tamil Nadu |
โน3500 to 3600 |
โน3610 to 3700 |
|
Madhya Pradesh |
โน3550 to 3580 |
โน3600 to 3650 |
|
Punjab |
โน3660 to 3701 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 24 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน3,850.35 |
|
Kanpur |
M/30 |
โน3,795.75 |
|
Kolhapur |
M/30 |
โน3,701.25 |
|
Kolkata |
M/30 |
โน3,969.00 |
|
Muzaffarnagar |
M/30 |
โน3,780.00 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $708.80/ton, whereas the New York Sugar #11 front month contract is trading at 25.61 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 82.674 whereas USD was trading with BRL at 4.9727, Crude futures traded at โน6136, Crude WTI traded at $74.03/barrel. Sensex closed 208.01 points lower at 61773.78 whereas Nifty ended 62.60 points lower at 18285.40
News Round-Up
Sugarcane farmers worry amid water level dip in KRS
G20: 3rd Environment, Climate Sustainability Working Group meeting concludes in Mumbai
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Canadian company to invest $41M to produce ethanol from milk by-product
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Vizianagaram: Sugarcane farmers shifting to other crops cultivation amid rising costs
Vizianagaram: Sugarcane farmers shifting to other crops cultivation amid rising costs
Withdrawal of Rs 2,000 notes a non-event as Indiaโs digital payments ecosystem robust: SBI Research
Withdrawal of Rs 2,000 notes a non-event as India’s digital payments ecosystem robust: SBI Research
