Daily Sugar Market Update By Vizzie – 15/06/2021

225

ChiniMandi, Mumbai: Monday 15th June 2021
Domestic Market:

Secretary, Department of Food, Public Distribution briefed media persons on Ethanol Blending with Petrol (EBP) Program:
In a media briefing, Secretary, DFPD addressed that Ethanol distillation capacities would double by 2025 and achieve a 20 % blending target. EBP is expected to save foreign exchange of more than Rs 30,000 Cr on account of crude oil import bill, reduce dependence on imported fossil fuel and help in achieving the goal of Atmanirbhar Bharat in the petroleum sector. About 5 crore sugarcane farmers & their families and 5 lakh workers associated with sugar mills & other ancillary activities would be benefited with this intervention.

Due to the policy changes made by the Government in the past 6 years, the capacity of molasses-based distilleries have been doubled Government encouraging distilleries to produce ethanol from rice available with FCI and maize. Secretary, Department of Food, Public Distribution briefed media persons on Ethanol Blending with Petrol (EBP) Program

Market Scenario:
The market has been steady, no major movement has been witnessed. According to market-men Maharashtra state has witnessed demand picking with the ease in the lockdown. Meanwhile in Gujarat, Tamil Nadu and Karnataka the demand has been flat. Rains in many parts of the state slowened the demand and traded sugar in the recent days.

State wise Prices as on June 15, 2021 :
– Maharashtra:S/30 Sugar rates from millers are ₹3100 to ₹3120/Qntl. whereas M/30 ₹3125 to 3170.
In the resale market S/30 is trading at ₹3020 to ₹3050 whereas M/30 is trading at ₹3040 to ₹3110.
– Karnataka : S/30 Sugar rates from millers are ₹3200 whereas M/30 is at ₹3250.
– Uttar Pradesh: The rates for M/30 are ₹3310 to 3325
– Gujarat: S/30 Sugar rates are ₹3111 to 3131 whereas M/30 rates are at ₹3171 to 3181
– Tamil Nadu: S/30 Sugar rates are ₹3200 to 3300 whereas M/30 rates are at ₹3275 to 3325
(All the above rates are excluding GST

International Market:
Yesterday’s Closing:
On Monday sugar prices closed lower on higher sugar output in Brazil Center South. London white sugar closed at $448.50/ton down $2.80 whereas raw sugar on the New York Stock Exchange closed at 17.29 cents per pound down by 0.29 points.

Market Today :
London White Sugar front month contract is trading at $443.40/tn whereas New York Sugar front month contract is trading at 17.06/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 ₹28600 to ₹28800 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28000 to ₹28200 factory basis. According to exporters, sugar mills are keen on exporting under OGL owing to the favorable international sugar prices compared to the depressing domestic sugar prices and no demand.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 71.73 whereas USD was trading with BRL at 5.0812 Crude futures traded at Rs.5257, Crude WTI traded at $71.72 a barrel. Sensex closed 221.52 points higher at 52,773.05 whereas Nifty ended 57.40 points higher at 15869.25.

LEAVE A REPLY

Please enter your comment!
Please enter your name here