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

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ChiniMandi, Mumbai: Tuesday 2nd 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 Monday sugar prices posted moderate gains, with New York sugar at a 1-week high and London sugar at a 2-week high. Sugar prices rallied for a second session on reduced sugar exports from India. The president of India’s Shree Renuka Sugars Ltd said last Friday that a shortage of shipping containers in India is reducing sugar exports. India has exported only about 70,000 MT of sugar in January, well below the 370,000 MT of sugar exported at the same time last year. India is the world’s second-biggest sugar exporter.

At the time of writing this update London White Sugar front month contract is trading at $468.10/tn, whereas New York Sugar front month contract is trading at 16.29/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 54.84 whereas USD was trading with BRL at 73.022 Crude futures traded at Rs.4012, Crude WTI traded at $54.84 a barrel. Sensex closed 1197.11 points higher at 49,797.72 whereas Nifty ended 366.65 points higher at 14,647.85.

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