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 |
₹3390 to 3400 |
₹3490 to 3500 |
|
Karnataka |
₹3525 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3575 to 3685 |
|
Gujarat |
₹3521 to 3561 |
₹3591 to 3641 |
|
Tamil Nadu |
₹3500 to 3600 |
₹3610 to 3700 |
|
Madhya Pradesh |
₹3550 to 3580 |
₹3600 to 3650 |
|
Punjab |
₹3660 to 3701 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on May, 24 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,850.35 |
|
Kanpur |
M/30 |
₹3,795.75 |
|
Kolhapur |
M/30 |
₹3,701.25 |
|
Kolkata |
M/30 |
₹3,969.00 |
|
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 $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 ₹6136, 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
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Withdrawal of Rs 2,000 notes a non-event as India’s digital payments ecosystem robust: SBI Research
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