ChiniMandi, Mumbai: 14th January 2022
Indian Market Updates
◾ GOI mandates standalone distilleries producing cane based ethanol to maintain a minimum distance norm of 15km from the neighboring existing sugar mills or the distance higher than 15 kms fixed by the concerned State Governments.
◾ Crushing Update – Maharashtra State
According to the Sugar Commissionerate Office – Maharashtra, as on 13th January 2022, 192 mills (Cooperative mills- 95, Private mills- 97) have crushed 582 LMT of sugarcane and produced 57.483 LMT of sugar with a recovery rate of 9.88%
Domestic Trade Market
Most of the markets were closed on the occasion of Makar Sankranti. No major movement took place.
State wise prices today:
◾ Maharashtra:S/30 Sugar rates from millers are ₹3150 to ₹3225/Qntl. whereas M/30 ₹3245 to 3325/Qntl.
◾ Karnataka : No rates due to holiday.
◾ Uttar Pradesh: The rates for M/30 were at ₹3475 to 3510/Qntl.
◾ Gujarat: No rates due to holiday.
◾ Tamil Nadu: No rates due to holiday.
(All the above rates are excluding GST)
International Market Updates
◾Europe’s largest sugar producer expects the world market environment to remain positive.
According to Reuters, Suedzucker – Europe’s largest sugar producer confirmed a jump of about 90% in third-quarter operating profit on Thursday as improved sugar markets boosted earnings. The company is optimistic that with a further deficit in the world sugar balance in the 2021/22 marketing year, the world market environment is expected to remain positive.
International Trade Market
Yesterday sugar futures contracts closed lower on international exchanges. London white sugar #5 (SWH22) closed down -6.00 whereas US sugar #11 (SBH22) closed down -0.25 (-1.36%).
Today, at the time of writing this update, the London White Sugar front month contract is trading at $498/ton, whereas the New York Sugar front month contract is trading at 18.14/lb.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.177 whereas USD was trading with BRL at 5.5339, Crude futures traded at Rs.6080, Crude WTI traded at $81.99 barrel. Sensex closed 12.27 points lower at 61,223.03 whereas Nifty ended 2.05 points lower at 18,255.75.