Daily Sugar Market Update By Vizzie – 01/02/2021

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ChiniMandi, Mumbai: Monday 1st February 2021
Domestic Market:
The market was steady.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3130/Qntl. whereas M/30 ₹3210 to 3250. In the resale market S/30 is trading at ₹2990 to ₹3080 whereas M/30 is trading at ₹3020 to ₹3130
South Karnataka: The rates for S/30 at ₹3100 to 3130 whereas, M/30 rates are ₹3130 to 3180.
Uttar Pradesh: The rates for M/30 are ₹3245
In Gujarat: The rates for new S/30 and M/30 are prevailing at ₹3101
Tamil Nadu: S/30 Sugar rates are ₹3140 to 3200 whereas, M/30 rates are 3210 to 3280
(All the above rates are excluding GST)

International Market:
On Friday sugar prices moved higher as New York sugar rebounded from a 2-week low and closed higher while London sugar climbed to a 1-week high. Reduced sugar exports from India also boosted prices after the president of India’s Shree Renuka Sugars Ltd. said that a shortage of shipping containers in India is reducing sugar exports. India has only exported about 70,000 MT of sugar so far this month, well below the 370,000 MT of sugar exported at the same time last year. India is the world’s second-biggest sugar exporter.

March NY world sugar #11 (SBH21) on Friday closed up +0.24 (+1.54%), and March London white sugar #5 (SWH21) closed up +14.50 (+3.28%)

At the time of writing this update London White Sugar front month contract is trading at $459.10/tn, whereas New York Sugar front month contract is trading at 15.95/lb.
In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at Rs.26200 to Rs.26300 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at Rs.26100 to Rs.26200 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.114 whereas USD was trading with BRL at 5.4328 Crude futures traded at Rs.38453, Crude WTI traded at $52.57 a barrel. Sensex closed 2314.84 points higher at 48,600.61 whereas Nifty ended 646.60 points higher at 14,281.20.

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