ChiniMandi, Mumbai: 15th February 2022
Domestic Market Update
Announcement of Quota for the month January 2022
The Department of Food & Public Distribution announced a 20 LMT monthly sugar quota for domestic sale in February 2022.
Domestic Trade Market
According to marketmen the demand has been moderate. In Maharashtra, sugar prices have slid down to MSP (Minimum Selling Price) level.
State wise prices today:
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3110 to 3180 |
₹3190 to 3270 |
|
Karnataka |
₹3120 to 3170 |
₹3210 to 3280 |
|
Uttar Pradesh |
|
₹3350 to 3450 |
|
Gujarat |
₹3221 to 3291 |
₹3271 to 3321 |
|
Tamil Nadu |
₹3280 to 3350 |
₹3390 to 3400 |
|
Madhya Pradesh |
₹3270 to 3320 |
₹3320 to 3360 |
|
Punjab |
|
₹3440 to 3540 |
|
(All the above rates are excluding GST) |
||
International Market News
According to reports, Egyptian Sugar and Integrated Industries Co. (ESIIC) has issued an international tender to buy at least 50,000 tonnes of raw sugar with a deadline of submission on 19th February 2022 and the sugar could be sourced from any origins.
International Trade Market
Sugar prices were under pressure on expectations that bigger sugar crops in India and Thailand would even out reduced sugar production in Brazil. Sugar prices closed moderately lower.
Yesterday, London white sugar #5 (SWH22) closed down $1.30 at $489.40/ton whereas US sugar #11 (SBH22) closed lower 0.04 points at 18.26 c/lb
At the time of writing this update, the London White Sugar front month contract is trading at $482.60/ton, whereas the New York Sugar front month contract is trading at 18.11/lb.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.263, whereas USD was trading with BRL at 5.1751, Crude futures traded at Rs.6881, Crude WTI traded at $91.40 barrel. Sensex closed 1736 points higher at 58,142.05 whereas Nifty ended 509.65 points higher at 17,352.45.
