Daily Sugar Market Update By Vizzie – 24/08/2021

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ChiniMandi, Mumbai: Tuesday 24th August 2021

Domestic Market:
Latest : Indian sugar scenario by Government of India
Our latest article brings to you details on the Indian sugar scenario by Government of India
Key Highlights
Overview | Balance Sheet for Sugar Season 2021-22 | Current Exports & Outlook | Diversion of Sugar to Ethanol | Cane Dues | Global Sugar View from Indian Perspective | Incentive from the Government to sugar mills for sugar exports and Diversion of sugar to ethanol
For more details click here

Overall Market Scenario:
The market witnessed moderate demand. The unresolved transportation issue in Maharashtra kept sentiments weak in Karnataka and Maharashtra.
State wise Prices as on 24th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3250 to ₹3325/Qntl. whereas M/30 is at ₹3350 to 3450/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3300 to 3340/Qntl. whereas M/30 is at ₹3400 to 3540/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹ 3470/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3451 to 3411/Qntl. whereas M/30 rates are at ₹3581 to 3631/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3480 to 3550/Qntl. whereas M/30 rates are at ₹3550 to 3600 (All the above rates are excluding GST.

International Market:
Yesterday’s Closing:
On Monday sugar prices closed lower on weakness on Brazilian sugarcane crop concerns. London White Sugar closed at $479.10/ton down $4.40 whereas New York Sugar remained unchanged at 19.58 cents per pound.

Market Today :
The London White Sugar front month contract is trading at $480.40/tn whereas the New York Sugar front month contract is trading at 19.66/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.156 whereas USD was trading with BRL at 5.3348Crude futures traded at Rs.4952, Crude WTI traded at $66.58 a barrel. Sensex closed 403.19 points higher at 55,958.98 whereas Nifty ended 128.15 points higher at 16,624.60.

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