Daily Sugar Market Update By Vizzie -30/08/2021

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ChiniMandi, Mumbai: Monday 30th 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.

Overall Domestic Market Scenario:
The market witnessed good demand nationwide. Sugar prices soared around ₹100/quintal.
State wise Prices as on 30th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3350 to ₹3500/Qntl. whereas M/30 is at ₹3450 to 3600/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3400 to 3450/Qntl. whereas M/30 is at ₹3450 to 3550/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹ 3600 to 3650/Qntl.
◾ Gujarat market was closed on the occasion of Janmashtami.
◾ Tamil Nadu: S/30 Sugar rates are ₹3600 to 3700/Qntl. whereas M/30 rates are at ₹3700
(All the above rates are excluding GST.

International Market:
Friday’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.

Market Today :
London White Sugar is not trading today with London market closed (Summer Bank Holiday)

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.299 whereas USD was trading with BRL at 5.2038 Crude futures traded at Rs.5039, Crude WTI traded at $68.70 a barrel. Sensex closed 765.04 points higher at 56,889.76 whereas Nifty ended 225.85 points higher at 16,931.05.

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