Daily Sugar Market Update By Vizzie – 10/08/2021

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ChiniMandi, Mumbai: Tuesday 10th August 2021

Domestic Market:

Domestic Market Scenario:

The market was stable, prices remained firm.
State wise Prices as on 10th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3130 to ₹3190/Qntl. whereas M/30 ₹3200 to 3250/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3250 to 3285/Qntl. whereas M/30 is at ₹3280 to 3335.
◾ Uttar Pradesh: The rate for M/30 is ₹3390/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3181 to 3191/Qntl. whereas M/30 rates are at ₹3291 to 3311/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3300 to 3360/Qntl. whereas M/30 rates are at ₹3350 to 3400/Qntl.
(All the above rates are excluding GST)

International Market:
Yesterday’s Closing:
On Monday sugar prices closed lower on weaker crude prices. London White Sugar closed at $450.20/ton down $9.40 whereas New York Sugar closed at 18.47 cents per pound, down 0.21 points.

Market Today :
The market has shot up where the London White Sugar front month contract is trading at $463.30/tn whereas the New York Sugar front month contract is trading at 19.22/lb.

In conversation with ChiniMandi News, Mr. Michael McDougall – Managing Director at Paragon Global Markets, LLC, New York, USA shared his views on the ongoing rally. He said, “Decent volume started. Perhaps the market is being helped by the rebound in crude as crude’s sell off yesterday looked overdone. We at least have news that the largest Chinese refinery is cutting back on runs due to the pandemic by 5-10%. The market reacted like they were being cut back by 30%. Most likely, however, the rally today is being boosted by apprehension over the upcoming UNICA number today. Market channel resistance is 19.02, Support 18.80 and an opening gap between 18.52-18.54.”

Indian Export Rates Today:
In the Indian market, white sugar for the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹29800 to ₹30000 on ex factory basis – ready delivery for season 2020-21. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹30300 to ₹30500 factory basis for forward contract with delivery in Nov/Dec 2021 for season 2021-22.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.389 whereas USD was trading with BRL at 5.022 Crude futures traded at Rs.5022 Crude WTI traded at $67.44 a barrel. Sensex closed 151.81 points higher at 54,554.66 whereas Nifty ended 21.85 points higher at 16,280.10.

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