Daily Sugar Market Update By Vizzie – 11/11/2021

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ChiniMandi, Mumbai: 11th November 2021

Domestic Market:
GOI hikes ethanol prices for Ethanol Supply Year 2021-22
The Cabinet Committee on Economic Affairs chaired by Prime Minister, Shri Narendra Modi, has given its approval for fixing higher ethanol prices derived from different sugarcane based raw materials under the EBP Programme for the forthcoming sugar season 2020-21 during ESY 2020-21 from 1st December 2020 to 30th November 2021.
Approval is also given for the following:

(i) The Price of ethanol from C heavy molasses route be increased from Rs. 45.69 per litre to Rs. 46.66 per litre,

(ii) The price of ethanol from B heavy molasses route be increased from Rs. 57.61 per litre to Rs. 59.08 per litre,

(iii) The price of ethanol from sugarcane juice, sugar / sugar syrup route be increased from Rs. 62.65 per litre to Rs. 63.45 per litre,

(iv) Additionally, GST and transportation charges will also be payable.

(v) Government has decided that Oil PSEs should be given the freedom to decide the pricing for 2G ethanol as this would help in setting up advanced biofuel refineries in the country. It is important to note that grain-based ethanol prices are currently being decided by Oil Marketing Companies (OMCs) only.

GOI announces 20% of sugar to be compulsorily packed in jute bags
The Cabinet Committee on Economic Affairs chaired by Prime Minister, Shri Narendra Modi, has approved reservation norms for mandatory use of jute in packaging for the Jute Year 2021 -22 (1st July, 2021 to 30th June, 2022) on 10th November, 2021. The Mandatory packaging norms approved for Jute Year 2021-22 provide for 100% reservation of the foodgrains and 20% of sugar to be compulsorily packed in jute bags.

Sugar Market Scenario:

The market witnessed scanty demand.

State wise prices today

◾ Maharashtra:S/30 Sugar rates from millers are ₹3190 to ₹3240/Qntl. whereas M/30 ₹3240 to 3310/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3300 to 3350/Qntl. whereas M/30 ₹3325 to 3400/Qntl.
◾ Uttar Pradesh: The rates for M/30 were at ₹3620 to 3650/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3321 to 3411/Qntl. whereas M/30 rates are at ₹3421 to 3511/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3450 to 3600/Qntl. whereas M/30 rates are at ₹3500 to 3650/Qntl.

(All the above rates are excluding GST)

International Market:
Yesterday’s Closing:
Yesterday sugar prices closed lower. London White Sugar closed down $7.30 at $507.20/ton whereas New York Sugar closed at 19.60 cents per pound down 0.30 points.

Market Today:

The London White Sugar front month contract is trading at $510.40/ton whereas the New York Sugar front month contract is trading at 19.74/lb.

Currency, Commodity & Indian Indices:

The rupee traded against the US dollar whereas USD was trading with BRL at 5.4459 Crude futures traded at Rs.6014 Crude WTI traded at $80.75 a barrel. Sensex closed 433.13 points lower at 59,919.69 whereas Nifty ended 143.60 points lower at 17,873.60.

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