Daily Sugar Market Update By Vizzie – 05/08/2021

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ChiniMandi, Mumbai: Thursday 5th August 2021

Domestic Market:

Domestic Market Scenario:

The market sentiments are positive, good demand has been witnessed and prices have remained firm.
State wise Prices as on 5th August 2021 :
◾ Maharashtra: S/30 Sugar rates from millers are ₹3150 to ₹3200/Qntl. whereas M/30 ₹3210 to 3285/Qntl.
◾ Karnataka : S/30 Sugar rates were ₹3270 to 3300/Qntl. whereas M/30 is at ₹3300
◾ Uttar Pradesh: The rate for M/30 is ₹3350/Qntl.
◾ Gujarat: S/30 Sugar rates are ₹3151 to 3171/Qntl. whereas M/30 rates are at ₹3251 to 3281/Qntl.
◾ Tamil Nadu: S/30 Sugar rates are ₹3310 to 3350/Qntl. whereas M/30 rates are at ₹3310 to 3360 to 3375/Qntl.
(All the above rates are excluding GST)

International Market:
Yesterday’s Closing:
On Wednesday, sugar prices closed lower owing to a weakness in crude oil prices. London White Sugar closed at $447.30/ton down $2.30 whereas New York Sugar closed at 17.93 cents per pound, down 0.05 points.

According to reports, Broker StoneX cut its projection for Brazil’s centre-south (CS) sugar production to 34.6 million tonnes for the current season from a May projection of 35.7 million tonnes, and 10% below last season’s record volume of 38.4 million tonnes.

Asian commodities trader Wilmar, one of the world’s largest sugar merchants, slashed its estimate for Brazil production on Tuesday, saying it only expects around 28 million tonnes of sugar in 2021/22 due to extensive damage to cane fields.

Market Today :
The London White Sugar front month contract is trading at $451.30/tn whereas the New York Sugar front month contract is trading at 18.03/lb.

Indian Export Rates Today:
In the Indian market, white sugar for the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹29000 to ₹29200 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28400 to ₹28600 factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.102 whereas USD was trading with BRL at 5.1700 Crude futures traded at Rs.5062, Crude WTI traded at $68.20 a barrel. Sensex closed 123.07 points higher at 54,492.84 whereas Nifty ended 35.80 points higher at 16,294.60.

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