Daily Sugar Market Update By Vizzie – 27/08/2021

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ChiniMandi, Mumbai: Thursday 27th August 2021
Domestic Market:
Monthly Release Order for September 2021
In a notification issued on 27th day of July 2021, the food ministry has allocated 22 LMT monthly sugar quota for September 2021 to 558 sugar mills which is the same as the quota allocated in September 2020. In the previous month the Govt. allocated 21 LMT monthly sugar quota for August 2021 to 557 mills. NOTE : The rumour of extension of “August month quota” has been ruled out by a senior official at DFPD.

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 27th 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 ₹ 3450 to 3480/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3341 to 3391/Qntl. whereas M/30 rates are at ₹3461 to 3491/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3500 to 3550/Qntl. whereas M/30 rates are at ₹3600
(All the above rates are excluding GST.

International Market:
Yesterday’s Closing:
On Thursday sugar prices closed lower.
London White Sugar closed at $477.20/ton down $1.60 whereas New York Sugar closed down 0.05 points at 19.68 cents per pound.

Market Today :
The London White Sugar front month contract is trading at $487.90/tn whereas the New York Sugar front month contract is trading at 19.91/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.640 whereas USD was trading with BRL at 5.2578 Crude futures traded at Rs.5064, Crude WTI traded at $68.58 a barrel. Sensex closed 175.62 points higher at 56,124.72 whereas Nifty ended 68.30 points higher at 16,705.20.

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