Daily Sugar Market Update By Vizzie -01/09/2021

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ChiniMandi, Mumbai: Wednesday 1st September 2021

Domestic Market:

Monthly Release Order for September 2021
In a notification issued on 27th day of July 2021, the food ministry has allocated 22 LMT monthly sugar quota for September 2021 to 558 sugar mills which is the same as the quota allocated in September 2020. In the previous month the Govt. allocated 21 LMT monthly sugar quota for August 2021 to 557 mills.

Sugar industry desperately awaits hike in MSP of sugar

The industry is seeking a hike in MSP of sugar from ₹3100/Quintal to ₹3450-3500/Quintal. Stakeholders have been contemplating that sugar prices have been depressed for a couple of months, MSP has remained unchanged since 2019 and the current increased domestic prices are short-lived owing to festive demand and easing of state-imposed lockdowns. To read more click here

Overall Domestic Market Scenario:

The market witnessed good demand nationwide. Sugar prices continued taking an uptrend.

State wise Prices as on 31st August 2021:

◾ Maharashtra: S/30 Sugar rates from millers are ₹3450 to ₹3550/Qntl. whereas M/30 is at ₹3600 to 3650/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3575 to 3650/Qntl. whereas M/30 is at ₹3625 to 3700/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹ 3650 to 3700/Qntl.
◾ Gujarat : S/30 Sugar rates were ₹3591 to 3601/Qntl. whereas M/30 is at ₹3701/Qntl.
◾ Tamil Nadu: S/30 Sugar rates were at ₹3680 to 3750/Qntl. whereas M/30 rates were at ₹3750 to 3800/Quintal.
(All the above rates are excluding GST.

International Market:

Yesterday’s Closing:
On Tuesday sugar prices settled lower owing to a weakness in crude prices. London White Sugar closed at $487.40/ton down $4.10 whereas New York Sugar closed down 0.30 points at 20.55 cents per pound.

Market Today:

The London White Sugar front month contract is trading at $484.40/tn whereas the New York Sugar front month contract is trading at 19.85/lb.

Currency, Commodity & Indian Indices:

The rupee traded against the US dollar at 73.029 whereas USD was trading with BRL at 5.1482 Crude futures traded at Rs.5024, Crude WTI traded at $68.67 a barrel. Sensex closed 214.18 points lower at 57,338.21 whereas Nifty ended 55.95 points lower at 17,076.25

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