Daily Sugar Market Update By Vizzie -31/08/2021

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ChiniMandi, Mumbai: Tuesday 31st 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.

Sugar industry desperately awaits hike in MSP of sugar
The industry is seeking a hike in MSP of sugar from ₹3100/Quintal to ₹3450-3500/Quintal. Stakeholders have been contemplating that sugar prices have been depressed for a couple of months, MSP has remained unchanged since 2019 and the current increased domestic prices are short-lived owing to festive demand and easing of state-imposed lockdowns. To read more click here

Overall Domestic Market Scenario:
The market witnessed good demand nationwide. Trades have been taking place aggressively.
State wise Prices as on 31st August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3425 to ₹3550/Qntl. whereas M/30 is at ₹3550 to 3650/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3575 to 3650/Qntl. whereas M/30 is at ₹3625 to 3700/Qntl.
◾ Uttar Pradesh: The rate for M/30 is ₹ 3650 to 3700/Qntl.
◾ Gujarat : Millers in Gujarat did not open any sale. In resale M/30 was trading at ₹3650
◾ Tamil Nadu: S/30 Sugar rates are ₹3640 to 3700/Qntl. whereas M/30 rates are at ₹3750
(All the above rates are excluding GST.

International Market:
Yesterday’s Closing:
On Monday New York sugar closed up 0.18 points at 22.02 cents per pound on tighter global supplies. London White Sugar did not trade the UK closed on Monday being a bank holiday.

Market Today :
The London White Sugar front month contract is trading at $485.90/tn whereas the New York Sugar front month contract is trading at 20/lb.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.919 whereas USD was trading with BRL at 5.1500 Crude futures traded at Rs.5016, Crude WTI traded at $68.67 a barrel. Sensex closed 662.62 points higher at 57,552.39 whereas Nifty ended 201.15 points higher at 17,132.20.

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