ChiniMandi, Mumbai: 29th January 2022
Domestic Trade Market
Today, the market witnessed moderate demand. According to marketmen, there are some unsold quantities of January 2022 monthly sale quota in parts of Gujarat and Maharashtra due to slow demand that was witnessed in the last few days. Also traders expressed their restlessness on shortage of transportation vehicles due to which trading operations slowened.
State wise prices today:
|
State |
S/30 [Rates per Quintal] |
M/30 [Rates per Quintal] |
|
Maharashtra |
₹3100 to 3190 |
₹3200 to 3290 |
|
Karnataka |
₹3170 to 3250 |
₹3230 to 3300 |
|
Uttar Pradesh |
|
₹3410 to 3450 |
|
Gujarat |
₹3200 to 3300 |
₹3321 to 3400 |
|
Tamil Nadu |
₹3340 to 3450 |
₹3400 to 3500 |
|
Madhya Pradesh |
₹3250 to 3330 |
₹3305 to 3370 |
|
Punjab |
|
₹3420 to 3520 |
|
(All the above rates are excluding GST) |
||
International Trade Market
According to market reports, global sugar prices are under pressure on expectations that an increase in sugar production from both India and Thailand is likely to offset sugar production losses in Brazil. India at the moment is on a pause in momentum for export contracts for search of better global sugar prices. According to the Indian Sugar Mills Association (ISMA), India is waiting for the opportune time and is in no hurry to export at the moment. So far contracts of 38 to 40 lakh metric tonnes have been signed. About 7 lakh metric tons of sugar is in pipeline for export this month.
London white sugar #5 (SWH22) closed down $4.50 at $495.20/ton whereas US sugar #11 (SBH22) closed down 0.21 points at 18.20 c/lb
Currency, Commodity & Indian Indices:
Indian equity markets have been witnessing an increased volatility for several days. According to experts, the market is likely to continue witnessing volatility with the United States Fed outcome including ongoing result season, the Union Budget on February 1 and Russia-Ukraine conflicts.
Expectations are running high from the Indian Government to present a progressive budget which can revive economic growth of the Nation.
Yesterday, the rupee traded against the US dollar at 75.045 whereas USD was trading with BRL at 5.4191, Crude futures traded at Rs.6568, Crude WTI traded at $87.42 barrel. Sensex closed 76.71 points lower at 57,200.23 whereas Nifty ended 8.20 points lower at 17,101.95. Indian sugar stocks were trading in the green today as the stock market rose. Bajaj Hindustan, Rajshree Sugars & Chemicals, Dharani Sugars & Chemicals, Dwarikesh Sugar Industries, Magadh Sugar, KCP Sugar & industries, Uttam Sugar Mills, Balrampur Sugar Mills, KM Sugar Mills and Sakthi sugar mills ranked amongst the top gainers from 2.46 to 4.44% up.
