Sugar prices down in Delhi, Kolhapur, unchanged in other markets.

In Delhi, sugar was traded down 20 rupees per 100 kg, as demand waned at higher prices. Prices also fell in the wholesale markets of Kolhapur, as mills scaled down prices to trigger demand. In Muzaffarnagar, another important wholesale market, prices were largely unchanged because trade was subdued. Prices were also unchanged in Mumbai because of subdued demand. Also, as price cuts by mills had failed to trigger demand, these entities weren’t lowering prices further. Demand for the commodity in Mumbai has declined as states that usually buy sugar from Maharashtra have shifted to Uttar Pradesh because of higher production in the northern state. NCDEX May contract was down 0.4%.

Govt mulling hiking 2017-18 cotton MSP by 160 rupees/100 kg.

The government is considering increasing the minimum support price for medium and long staple cotton by 160 rupees per 100 kg for the new crop year beginning July. The agriculture ministry has proposed increasing the MSP of medium staple variety to 4,020 rupees per 100 kg and long staple to 4,320 rupees. The agriculture ministry has moved a Cabinet note on MSP for cotton, based on the recommendation of the Commission for Agricultural Costs and Prices. In the current season, MSP for medium staple cotton is at 3,860 rupees per 100 kg and long staple is 4,160 rupees.

NCDEX coriander hits 3% upper circuit on spot cues.

Futures contracts of coriander hit the 3% upper circuit on the NCDEX, tracking the gains in Rajasthan Baran market. June contract traded up 2.3% on NCDEX. Prices of coriander were up due to increased demand from local stockists. In Baran, a key wholesale market for the commodity, the Badami variety of coriander and the Eagle variety both up 200 rupees from previous close. Arrivals at the Kota and Ramganj markets in Rajasthan were 11,000 bags (1bag=40kg) up 2,000 bags from previous close. Arrivals in Baran were pegged at 6,000 bags.