Daily Sugar Market Update By Vizzie – 21/02/2022

ChiniMandi, Mumbai: 21st February 2022
Domestic Market Update

Indian Sugar Production Update by ISMA
According to the Indian Sugar Mills Association (ISMA), as on 15th February 2022, 220.91 lac tons of sugar have been produced by the mills, as compared to 209.11 lac tons produced on the corresponding date of last year. Out of 516 sugar mills which had started crushing in 2021-22 SS, 13 sugar mills have stopped their crushing operations so far. Last year, 496 sugar mills had operated, out of which 32 had stopped crushing on the corresponding date last year.

Domestic Trade Market

According to marketmen the demand has been moderate.
State wise prices today:

State wise prices today:

International Trade Market
Sugar prices closed moderately lower. According to a leading market expert, the technical picture continues to look negative. The market looks like it is working in a descending triangle with the base located at 17.50 and the downtrend at 17.78. A close below 17.50 points to an even lower price target of 15.86. London white sugar #5 (SWH22) closed down $0.10 at $484.90/ton whereas US sugar #11 (SBH22) closed down 0.08 points at 18.20 c/lb

At the time of writing this update, the London White Sugar front month contract is trading at $486.10/ton, whereas the New York Sugar front month contract is not trading due to a Holiday in the USA.

Currency, Commodity & Indian Indices:

The rupee traded against the US dollar at 74.667, whereas USD was trading with BRL at 5.1230, Crude futures traded at Rs.6771, Crude WTI traded at $90.50 barrel. Sensex closed 149.38 points lower at 57,683.59 whereas Nifty ended 69.65 points lower at 17,206.65.