Daily Sugar Market Update By Vizzie – 18/08/2021

468

ChiniMandi, Mumbai: Wednesday 18th August 2021

Domestic Market:
GOI releases estimated balance sheet for sugar season 2021-22. In a notification issued on the 18th day of 2021, the Department of Food & Public Distribution released an advisory to the Indian sugar industry regarding the upcoming sugar season 2021-22.
For more details click here

Domestic Market Scenario:
The market sentiments have remained positive. Sugar prices in Gujarat & Tamil Nadu have been taking an upward trend. The market in Maharashtra, Karnataka and Uttar Pradesh have seen sugar prices taking a cool down. Transportation issues in states of Maharashtra and Karnataka have brought the market down.

State wise Prices as on 18th August 2021:

◾ Maharashtra: S/30 Sugar rates from millers are ₹3310 to ₹3375/Qntl. whereas M/30 is at ₹3400 to 3550/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3325 to 3425/Qntl. whereas M/30 is at ₹3425 to 3575/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹3530 to 3540/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3471 to 3511/Qntl. whereas M/30 rates are at ₹3601 to 3651/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3600 to 3625/Qntl. whereas M/30 rates are at ₹3650/Qntl.

(All the above rates are excluding GST)

International Market:

Yesterday’s Closing:
Sugar prices have been skyrocketing since a couple of days. On Tuesday settled mixed owing to a weakness in crude oil and the Brazilian real. London White Sugar closed at $501.40/ton up $5.10 whereas New York Sugar closed at 20.02 cents per pound, down 0.01 points.

Market Today :
The London White Sugar front month contract is trading at $507.90/tn whereas the New York Sugar front month contract is trading at 20.18/lb.

“Sugar & Ethanol Overview” in conversation with Mr. Eduardo Leao de Sous, Executive Director – UNICA
In a recent conversation with ChiniMandi News, Mr. Eduardo Leão de Sous, Executive Director of UNICA shared his views on Brazilian crop, view on the global scenario and India’s way forward towards ethanol. To read more click here

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.238 whereas USD was trading with BRL at 5.2961 Crude futures traded at Rs.4994, Crude WTI traded at $67 a barrel. Sensex closed 162.78 points lower at 55,629.49 whereas Nifty ended 45.75 points lower at 16,568.85.

LEAVE A REPLY

Please enter your comment!
Please enter your name here