Daily Sugar Market Update By Vizzie – 06/08/2021

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ChiniMandi, Mumbai: Friday 6th August 2021

Domestic Market:

Domestic Market Scenario:
The market was stable in parts of Maharashtra, Uttar Pradesh and Karnataka. Good demand was witnessed in Gujarat with prices going higher by ₹20/Quintal.
State wise Prices as on 6th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3190/Qntl. whereas M/30 ₹3200 to 3275/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3270 to 3300/Qntl. whereas M/30 is at ₹3300
◾ Uttar Pradesh: The rate for M/30 is ₹3400/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3171 to 3191/Qntl. whereas M/30 rates are at ₹3291 to 3301/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3325 to 3360/Qntl. whereas M/30 rates are at ₹3375 to 3400/Qntl.
(All the above rates are excluding GST)

International Market:
Yesterday’s Closing:
On Thursday, sugar prices rocketed on expectations with losses and the break in the Brazilian sugarcane crop due to the prolonged drought and at least three occurrences of frost in recent weeks. London White Sugar closed at $461.80/ton up $14.50 whereas New York Sugar closed at 18.62 cents per pound, up 0.69 points.

Market Today :
The London White Sugar front month contract is trading at $459.40/tn whereas the New York Sugar front month contract is trading at 18.66/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 ₹29000 to ₹29200 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28400 to ₹28600 factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.110 whereas USD was trading with BRL at 5.2467 Crude futures traded at Rs.5182, Crude WTI traded at $69.84 a barrel. Sensex closed 215.12 points lower at 54,277.72 whereas Nifty ended 56.40 points lower at 16,238.20.

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