Daily Sugar Market Update By Vizzie – 02/08/2021

ChiniMandi, Mumbai:Monday 2nd August 2021

Domestic Market:
Govt. Announcement
On 29th July 2021, DFPD fixed 21 LMT sugar quota for sale in August 2021.

Govt. Announcement
According to DFPD, against the export target of 60 LMT of sugar for season 2020-21, 58.5 LMT of sugar has been dispatched from sugar mills and 53 LMT of sugar has been exported as on July 29, 2021.

Domestic Market Scenario:

The market witnessed fresh buying due to the pipeline being quite empty since a couple of weeks and the dawn of Hindu holy month Shravan,, the market sentiments have been positive and prices have witnessed an uptrend.
Nationwide prices have risen by average ₹40 to 60/quintal.

State wise Prices as on 2nd August 2021 :
◾ Maharashtra:S/30 Sugar rates from millers are ₹3120 to ₹3155/Qntl. whereas M/30 ₹3180 to 3250/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3160 to 3220/Qntl. whereas M/30 is trading at ₹3200 to ₹3230/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹3325/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3125 to 3141/Qntl. whereas M/30 rates are at ₹3221 to 3241/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3325 to 3350/Qntl. whereas M/30 rates are at ₹3375 to 3400/Qntl.
(All the above rates are excluding GST)

International Market:
Friday’s Closing:
On Friday, sugar prices closed lower on concerns over Brazil’s sugarcane crop. London White Sugar closed at $445.70/ton down $5.70 whereas New York Sugar closed at 17.91 cents per pound, down 0.39 points.

Market Today :
London White Sugar front month contract is trading at $447.20/tn whereas New York Sugar front month contract is trading at 18.01/lb

Indian Export Rates Today:
In the Indian market, white sugar for the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹28700 to ₹28900 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28000 to ₹28200 factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.356 whereas USD was trading with BRL at 5.2132 Crude futures traded at Rs.5433 Crude WTI traded at $72.94 a barrel. Sensex closed 363.79 points higher at 52,950.63 whereas Nifty ended 122.10 points higher at 15,885.15.