ChiniMandi, Mumbai: 10th February 2022
Domestic Market Update
Announcement of Quota for the month January 2002
The Department of Food & Public Distribution announced a 20 LMT monthly sugar quota for domestic sale in February 2022.
Unblended fuel to attract ₹2 per litre excise duty
In the Union Budget 2022, Finance Minister Nirmala Sitharaman announced that unblended fuel will attract ₹2 per litre excise duty from October 2022. Blended fuel has the potential of reducing India’s oil import bill while also potentially increasing farmer income.
Domestic Trade Market
According to marketmen there has been no demand. In Maharashtra, sugar prices have slid down to MSP (Minimum Selling Price) level.
State wise prices today:
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3100 to 3175 |
₹3180 to 3270 |
|
Karnataka |
₹3120 to 3140 |
₹3210 to 3280 |
|
Uttar Pradesh |
|
₹3330 to 3450 |
|
Gujarat |
₹3150 to 3201 |
₹3281 to 3321 |
|
Tamil Nadu |
₹3275 to 3380 |
₹3350 to 3400 |
|
Madhya Pradesh |
₹3330 to 3340 |
₹3290 to 3300 |
|
Punjab |
|
₹3430 to 3521 |
|
(All the above rates are excluding GST) |
||
(All the above rates are excluding GST)
International Trade Market
Yesterday, the market closed moderately higher on strength in crude prices and Brazilian Real.
London white sugar #5 (SWH22) closed up $3.60 at $503.20/ton whereas US sugar #11 (SBH22) closed up 0.40 points at 18.48 c/lb
At the time of writing this update, the London White Sugar front month contract is trading at $510/ton, whereas the New York Sugar front month contract is trading at 18.45/lb.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.113, whereas USD was trading with BRL at 5.52200, Crude futures traded at Rs.6803, Crude WTI traded at $90.64 barrel. Sensex closed 460.06 points higher at 58,926.03 whereas Nifty ended 142.05 points higher at 17,605.85.
