Daily Sugar Market Update By Vizzie – 12/08/2021

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ChiniMandi, Mumbai: Thursday 12th August 2021

Domestic Market:
Domestic Market Scenario:
The market witnessed good demand nationwide.
State wise Prices as on 12th August 2021 :

◾ Maharashtra: S/30 Sugar rates from millers are ₹3150 to ₹3170/Qntl. whereas M/30 ₹3200 to 3250/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3250 to 3325/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹3400 to 3450/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3171 to 3221/Qntl. whereas M/30 rates are at ₹3301 to 3331/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3350 to 3380/Qntl. whereas M/30 rates are at ₹3375 to 3400/Qntl.

(All the above rates are excluding GST)

International Market:
Yesterday’s Closing:
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.
Yesterday the market consolidated after peaking to highs and closed mixed.

London White Sugar closed at $471.20/ton up $3 whereas New York Sugar closed at 19.47 cents per pound, down 12 points.

Market Today :
The London White Sugar front month contract is trading at $473.80/tn whereas the New York Sugar front month contract is trading at 19.61/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 74.236 whereas USD was trading with BRL at 5.2203 Crude futures traded at Rs.5121 Crude WTI traded at $68.92 a barrel. Sensex closed 318.05 points higher at 54,843.98 whereas Nifty ended 82.15 points higher at 16,364.40.

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