Daily Sugar Market Update By Vizzie – 04/10/2021

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ChiniMandi, Mumbai: 4th 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.

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.

Market Scenario:

The market witnessed good demand, sentiments have been very positive.

State wise prices today
◾ Maharashtra:S/30 Sugar rates from millers are ₹3380 to ₹3450/Qntl. whereas M/30 ₹3500 to 3650/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3400 to 3475/Qntl. M/30 is at ₹3550 to 3650/Qntl.
◾ Uttar Pradesh: The rates for M/30 were at ₹3740 to 3770/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3371 to 3461/Qntl. whereas M/30 rates are at ₹3501 to 3551.
◾ Tamil Nadu: S/30 Sugar rates are ₹3550 to 3650/Qntl. whereas M/30 rates are at ₹3625 to 3700/Qntl.

(All the above rates are excluding GST0

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.

Market Today:
The London White Sugar front month contract is trading at $505.20/ton whereas the New York Sugar front month contract is trading at 19.76/lb.

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)

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.306 whereas USD was trading with BRL at 5.3639 Crude futures traded at Rs.5647 Crude WTI traded at $75.98 a barrel. Sensex closed 533.74 points higher at 59299.32 whereas Nifty ended 159.20 points higher at 17,691.25.
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