Daily Sugar Market Update By Vizzie – 25/08/2021

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ChiniMandi, Mumbai: Wednesday 25th August 2021

Domestic Market:

Latest :GOI hikes Fair and Remunerative Price of sugarcane by ₹5/quintal to ₹290/quintal for sugar season 2021-22
The Cabinet Committee on Economic Affairs chaired by Hon’ble Prime Minister Shri Narendra Modi has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2021-22 (October – September) at ₹290/quintal for a basic recovery rate of 10%.

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 Domestic 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 25th August 2021 :
◾  Maharashtra: S/30 Sugar rates from millers are ₹3250 to ₹3325/Qntl. whereas M/30 is at ₹3370 to 3450/Qntl.
◾  Karnataka : S/30 Sugar rates were ₹3350 to 3450/Qntl. whereas M/30 is at ₹3400 to 3540/Qntl.
◾  Uttar Pradesh: The rate for M/30 is ₹ 3490 to 3520/Qntl.
Gujarat: S/30 Sugar rates are ₹3401 to 3451/Qntl. whereas M/30 rates are at ₹3521 to 3551/Qntl.
◾  Tamil Nadu: S/30 Sugar rates are ₹3500 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 Tuesday closed moderately lower.
London White Sugar closed at $477.50/ton down $1.60 whereas New York Sugar remained unchanged at 19.58 cents per pound.

Market Today :
The London White Sugar front month contract is trading at $477.20/tn whereas the New York Sugar front month contract is trading at 19.68/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.227 whereas USD was trading with BRL at 5.2347 Crude futures traded at Rs.5067, Crude WTI traded at $66.14 a barrel. Sensex closed 10.05 points higher at 16,634.65 whereas Nifty ended 10.05 points higher at 16,634.65.

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