ChiniMandi, Mumbai: 4th February 2022
Domestic Market Update
Announcement of Quota for the month January 2002
The Department of Food & Public Distribution announced a 20 LMT monthly sugar quota for domestic sale in February 2022.
Unblended fuel to attract ₹2 per litre excise duty
In the Union Budget 2022, Finance Minister Nirmala Sitharaman announced that unblended fuel will attract ₹2 per litre excise duty from October 2022. Blended fuel has the potential of reducing India’s oil import bill while also potentially increasing farmer income.
Domestic Trade Market
Today, the market witnessed scanty demand.
State wise prices today:
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3120 to 3200 |
₹3200 to 3290 |
|
Karnataka |
₹3140 to 3160 |
₹3230 to 3300 |
|
Uttar Pradesh |
|
₹3410 to 3560 |
|
Gujarat |
₹3200 to 3341 |
₹3321 to 3411 |
|
Tamil Nadu |
₹3325 to 3450 |
₹3375 to 3510 |
|
Madhya Pradesh |
₹3310 to 3330 |
₹3325 to 3350 |
|
Punjab |
|
₹3440 to 3521 |
|
(All the above rates are excluding GST) |
||
International Trade Market
Yesterday, the market closed moderately higher on strength in crude prices.
London white sugar #5 (SWH22) closed up $3.30 at $492.50/ton whereas US sugar #11 (SBH22) closed down 0.06 points at 17.99 c/lb
The FAO Sugar Price Index was the only subindex to post a decrease in January, down 3.1 percent from the previous month due to favourable production prospects in major exporters India and Thailand, as well as improved rains and lower ethanol prices in Brazil.
At the time of writing this update, the London White Sugar front month contract is trading at $496.70/ton, whereas the New York Sugar front month contract is trading at 18.12/lb.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.708 whereas USD was trading with BRL at 5.2923, Crude futures traded at Rs.6865, Crude WTI traded at $6865 barrel. Sensex closed 143.20 points lower at 58644.82 whereas Nifty ended 43.90 points lower at 17,516.30.
