ChiniMandi, Mumbai: 27th April 2023
Government Announcement
In a notification issued on 26th day of April 2023, the food ministry has allocated 24 LMT monthly sugar quota for May 2023 to 558 sugar mills.
Domestic Market
Weak sentiment reported in domestic sugar prices.
In line with the previous day update, domestic sugar prices fell by Rs 20-25 per Qntl across the major centres on higher quota allocation for the month of May. The food ministry has allocated 24 LMT monthly sugar quota for May 2023 to 558 sugar mills which is 1.5 LMT higher than the quantity allocated in May 2022 i.e. y/y.
Agrimandi.live anticipates prices to trade lower due to higher quota announcement in coming days.
Ex-mill Sugar Prices as on April, 27 2023 :
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3400 to 3410 |
₹3500 to 3510 |
|
Karnataka |
₹3520 to 3575 |
₹3600 to 3625 |
|
Uttar Pradesh |
|
₹3600 to 3675 |
|
Gujarat |
₹3451 to 3471 |
₹3521 to 3541 |
|
Tamil Nadu |
₹3550 to 3620 |
₹3625 to 3650 |
|
Madhya Pradesh |
₹3610 to 3655 |
₹3680 to 3725 |
|
Punjab |
₹3710 to 3751 |
|
|
(All the above rates are excluding GST) |
||
Destination-wise Spot Prices as on April, 27 2023 :
|
City |
Grade |
Rate |
|
Delhi |
M/30 |
₹3,864.00 |
|
Kanpur |
M/30 |
₹3,811.50 |
|
Kolhapur |
M/30 |
₹3,654.00 |
|
Kolkata |
M/30 |
₹4,021.50 |
|
Muzaffarnagar |
M/30 |
₹3,790.50 |
International Market
At the time of writing this update London White Sugar #5 front month contract is trading at $714.20/ton, whereas the New York Sugar #11 front month contract is trading at 27.05 c/lb.
Currency, Commodity & Indian Indices
The rupee traded against the US dollar at 81.805 whereas USD was trading with BRL at 5.0445, Crude futures traded at ₹6101, Crude WTI traded at $74.66/barrel. Sensex closed 348.80 points higher at 60649.38 whereas Nifty ended 101.45 points higher at 17915.05.
News Round-Up
Govt. fixes 24 LMT monthly sugar quota for domestic sale in May 2023
Govt. fixes 24 LMT monthly sugar quota for domestic sale in May 2023
ISMA Director General Sonjoy Mohanty resigns
Kamakhya Biofuels setting up grain-based distillery in Assam
Kamakhya Biofuels setting up grain-based distillery in Assam
Bajaj Finance Limited: Financial results for Q4 and FY23
India jumps six spots to 38 in World Bank’s Logistics Performance Index 2023
India jumps six spots to 38 in World Bank’s Logistics Performance Index 2023
ISMA estimates sugar production in Uttar Pradesh to touch 105 lakh tonnes
ISMA estimates sugar production in Uttar Pradesh to touch 105 lakh tonnes
