Daily Sugar Market Update By Vizzie – 01/10/2021

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ChiniMandi, Mumbai: 1st September 2021
Domestic Market:
Announcement of Quota for October 2021
On 30th Oct 2021, the Department of Food & Public Distribution announced a sugar quota of 24 LMT for domestic sale. Click here to know more

An extension of 30 days to sell the unsold stocks of September 2021 has also been announced. To know more click here

Extension of timeline to export sugar as per MAEQ in sugar season 2020-21
According to a notification dated 30th September 2021, GOI extended the timeline to export sugar as per Maximum Admissible Export Quantity (MAEQ) in sugar season 2020-21 till 30.11.2021. Those mills which had partially exported their MAEQ quota for sugar season 2020-21 till 30.09.2021 will be allowed to export the balance quantity of their export quota by 30.11.2021.
To know more click here

Market Scenario:
The market witnessed moderate demand nationwide in the morning hours, in the evening hours there has been a significant movement of trades happening around parts of Uttar Pradesh, Maharashtra and Karnataka.
U.P. market started taking an uptrend with prices up by ₹50/quintal.
Major markets will remain closed tomorrow on the occasion of Gandhi Jayanti.
State wise prices as on October 1st, 2021 :
◾ Maharashtra:S/30 Sugar rates from millers are ₹3340 to ₹3430/Qntl. whereas M/30 ₹3425 to 3500/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3380 to 3450/Qntl. M/30 is at ₹3425 to 3500/Qntl.
◾ Uttar Pradesh: The rates for M/30 in the morning were at ₹3650 to 3675/Qntl., whereas in the evening session they were at ₹3700 to 3725
◾ Gujarat: S/30 Sugar rates are ₹3351 to 3441/Qntl. whereas M/30 rates are at ₹3481 to 3531.
◾ Tamil Nadu: S/30 Sugar rates are ₹3535 to 3650/Qntl. whereas M/30 rates are at ₹3585 to 3700/Qntl.
(All the above rates are excluding GST

International Market:
Yesterday’s Closing:
On Wednesday sugar prices rallied with expiry of SBV21. London White Sugar closed at $512.80/ton up $7.80 whereas New York Sugar closed up 0.89 points up at 19.83 cents per pound.

Market Today :
London White Sugar front month contract is trading at $511/tn whereas New York Sugar front month contract is trading at 20.09/lb

Expiry of SBV21 :
New York’s SBV 21 – October contract expired last evening.
According to reports the final delivery was 4,445 lots or 225,806 tons. Of that LDC took the entire amount.
The delivers were:
i) Wilmar 251 lots from Mexico (Veracruz port), 104 lots from Mexico (Progreso port) and 2,872 lots from Center South Brazil (Paranagua port)
ii) Viterra (Glencore)
197 lots from Guatemala and 1,017 lots from Center South Brazil (Paranagua port)

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.120 whereas USD was trading with BRL at 5.4270 Crude futures traded at Rs.5520 Crude WTI traded at $74.39 a barrel. Sensex closed 360.86 points lower at 58,765.58 whereas Nifty ended 86.10 points lower at 17,532.05.

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