Daily Sugar Market Update By Vizzie – 11/08/2021
ChiniMandi, Mumbai: Wednesday 11th August 2021
Domestic Market Scenario:
The market was stable nationwide except for Uttar Pradesh. (U.P). In U.P the prices were up by ₹40/Quintal. According to sources from U.P. there is lesser supply from millers that isn’t fulfilling the market making the market tighter. Rest nationwide, the prices were firm.
State wise Prices as on 11th 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 ₹3400 to 3450/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)
On Tuesday sugar prices sky-rocketed on concerns of the Brazilian crop. Later during the day, UNICA released its bi-weekly sugarcane harvest report which exhibited a decrease of 11.8% y/y. London White Sugar closed at $468.20/ton up $18 whereas New York Sugar closed at 19.59 cents per pound, up 1.12 points.
Market Today :
The London White Sugar front month contract is trading at $469.20/tn whereas the New York Sugar front month contract is trading at 19.41/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 ₹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 74.406 whereas USD was trading with BRL at 5.1898 Crude futures traded at Rs.5029 Crude WTI traded at $67.50 a barrel. Sensex closed 28.73 points lower at 54,525.93 whereas Nifty ended 2.15 points higher at 16,282.35.
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