Daily Sugar Market Update By Vizzie – 02/10/2021

ChiniMandi, Mumbai: 2nd October 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. 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:

Despite being a holiday on the occasion of Gandhi Jayanti, the market witnessed an uptrend in sugar prices. Good demand was witnessed in the resale market.
State wise prices as on October 2nd, 2021 :

◾ Maharashtra:S/30 Sugar rates from millers are ₹3340 to ₹3430/Qntl. whereas M/30 ₹3500 to 3600/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3350 to 3450/Qntl. M/30 is at ₹3500 to 3600/Qntl.
◾ Uttar Pradesh: The rates for M/30 in the morning were at ₹3725 to 3750/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3375 to 3470/Qntl. whereas M/30 rates are at ₹3505 to 3535.
◾ Tamil Nadu: S/30 Sugar rates are ₹3550 to 3665/Qntl. whereas M/30 rates are at ₹3600 to 3715/Qntl.

(All the above rates are excluding GST)

International Market:

Yesterday’s Closing:
On Friday sugar sugar prices fell after reports came on the outlook of abundant exports from India.
London White Sugar closed at $510.90/ton down $1.90 whereas New York Sugar closed up 0.28 points down at 20.06 cents per pound.

Expiry of SBV21 :
New York’s SBV 21 – October contract expired on 30th October 2021.
According to reports the final delivery was 4,445 lots or 225,806 tons. Of that LDC took the entire amount

The delivers were:

Wilmar 251 lots from Mexico (Veracruz port), 104 lots from Mexico (Progreso port) and 2,872 lots from Center South Brazil (Paranagua port)

Viterra (Glencore)

197 lots from Guatemala and 1,017 lots from Center South Brazil (Paranagua port)
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