ChiniMandi, Mumbai: 25th October 2023
Domestic Market
Domestic sugar prices traded higher
Sugar prices in the major domestic market are trading higher due to strong demand ahead of the holiday season. The Food Ministry has released the first tranche of 15.0 lakh tons of quota for November. Prices have risen by 20-30 per quintal in Maharashtra and Uttar Pradesh’s major markets. The increase in the spot markets was fueled by a lower monthly quota release prior to Diwali.
Furthermore, the prices in the main markets are supported by the postponement of the start of crushing this season. The start of mills is anticipated for this weekend in Karnataka and the second week of November in Maharashtra, after the completion of Diwali. Crushing was delayed by nearly 25-30 days in Karnataka and 10-15 days in Maharashtra compared to normal.
S-grade sugar in Kolhapur costs between Rs. 3,660 and 3,700 per quintal, while M-grade sugar in Muzaffarnagar costs between Rs. 3,920 and 3,950 per quintal. Agrimandi.live estimates that S grade sugar in Kolhapur markets is likely to trade in the range of Rs 3,650 and Rs 3,750 in the coming fortnight.
Ex-mill Sugar Prices as on October, 25 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
โน3640 to 3700 |
โน3740 to 3800 |
|
Karnataka |
โน3645 to 3675 |
โน3725 to 3730 |
|
Uttar Pradesh |
|
โน3885 to 3970 |
|
Gujarat |
โน3680 to 3751 |
โน3760 to 3791 |
|
Tamil Nadu |
โน3700 to 3825 |
โน3785 to 3875 |
|
Madhya Pradesh |
โน3870 to 3885 |
โน3940 to 3955 |
|
Punjab |
โน3970 to 4180 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on October, 25 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
โน4,158.00 |
|
Kanpur |
M/30 |
โน4,116.00 |
|
Kolhapur |
M/30 |
โน3,979.50 |
|
Kolkata |
M/30 |
โน4,168.50 |
|
Muzaffarnagar |
M/30 |
โน4,126.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $749.40 ton, whereas the New York Sugar #11 front month contract is trading at 27.81 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.187 whereas USD was trading with BRL at 4.9928, Crude futures traded at โน6986, Crude WTI traded at $83.88 barrel. Sensex closed 522.82 points lower at 64049.06 whereas Nifty ended 159.60 points lower at 19122.15
News Round-Up
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NFCSF issues clarification on CPCB order for closure of sugar mills
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Uttarakhand: Farmers demand hike in sugarcane prices
Sensex ends 523 points lower, Nifty below 19,150
