Daily Sugar Market Update By Vizzie – 28/08/2021

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ChiniMandi, Mumbai: Saturday 28th 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 28th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3260 to ₹3320/Qntl. whereas M/30 is at ₹3400 to 3500/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3325 to 3375/Qntl. whereas M/30 is at ₹3400 to 3525/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹ 3470 to 3500/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3351 to 3400/Qntl. whereas M/30 rates are at ₹3461 to 3501/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3550 to 3600/Qntl. whereas M/30 rates are at ₹3650 to 3670
(All the above rates are excluding GST.

International Market:
Yesterday’s Closing:
On Friday sugar prices closed higher after ISO notified tighter global supplies. The ISO on Friday raised its global 2021/22 sugar deficit estimate to -3.83 MMT from a May estimate of -2.65 MMT after frost last month damaged Brazil’s sugar crops.
London White Sugar closed at $487.40/ton up $10.20 whereas New York Sugar closed up 0.36 points at 20.04 cents per pound.

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