ChiniMandi, Mumbai: 26th October 2023
Domestic Market
Domestic sugar prices traded higher
Sugar prices are rising in the major domestic market due to strong demand ahead of the holiday season. The Food Ministry has issued the first tranche of 15.0 lakh tons of November quota. Prices in Uttar Pradesh’s major markets have risen by Rs 60 per quintal, while prices in Maharashtra have risen by Rs 10 per quintal. The rise in spot markets was fueled by a lower monthly quota release just before Diwali.
Furthermore, the postponement of the start of crushing this season is supporting prices in the major markets. The start of mills is anticipated for this weekend in Karnataka and the second week of November in Maharashtra, i.e., after the completion of Diwali. Crushing took nearly 25-30 days longer in Karnataka and 10-15 days longer in Maharashtra than usual.
In Kolhapur, S-grade sugar costs between Rs. 3,680 and 3,720 per quintal, while M-grade sugar costs between Rs. 3,980 and 4,020 per quintal. According to Agrimandi.live, S grade sugar in Kolhapur markets is likely to trade between Rs 3,650 and Rs 3,750 in the coming fortnight.
Ex-mill Sugar Prices as on October, 26 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3645 to 3705 |
₹3745 to 3805 |
|
Karnataka |
₹3645 to 3675 |
₹3725 to 3730 |
|
Uttar Pradesh |
|
₹3910 to 3995 |
|
Gujarat |
₹3700 to 3771 |
₹3780 to 3811 |
|
Tamil Nadu |
₹3725 to 3850 |
₹3810 to 3875 |
|
Madhya Pradesh |
₹3890 to 3905 |
₹3960 to 3975 |
|
Punjab |
₹4040 to 4250 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on October, 26 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹4,210.50 |
|
Kanpur |
M/30 |
₹4,179.00 |
|
Kolhapur |
M/30 |
₹3,990.00 |
|
Kolkata |
M/30 |
₹4,221.00 |
|
Muzaffarnagar |
M/30 |
₹4,189.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $739.00 ton, whereas the New York Sugar #11 front month contract is trading at 27.34 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 83.237 whereas USD was trading with BRL at 4.9991, Crude futures traded at ₹6893, Crude WTI traded at $82.89 barrel. Sensex closed 900.91 points lower at 63148.15 whereas Nifty ended 264.90 points lower at 18857.25
News Round-Up
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