Daily Sugar Market Update By Vizzie – 03/02/2021

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ChiniMandi, Mumbai: Wednesday 3rd 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 old S/30 3101 and new M/30 are prevailing at ₹3121 to 3131
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 Tuesday, sugar prices on Tuesday settled mixed with New York sugar at a 1-1/2 week high. A surge in crude prices to a 1-year high benefited ethanol and lifted sugar prices. Gains in sugar were limited and London sugar retreated from a 3-3/4 year high Tuesday after the Indian Sugar Mills Association (ISMA) reported that India Oct-Jan sugar production climbed +25% y/y to 17.68 MMT

At the time of writing this update London White Sugar front month contract is trading at $462.10/tn, whereas New York Sugar front month contract is trading at 16.25/lb.
In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at Rs.26100 to Rs.26200 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at Rs.26000 to Rs.26100 factory basis. Exporters have been facing problems with shortages of containers and freight rates.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.892 whereas USD was trading with BRL at 5.3278 Crude futures traded at Rs.4037, Crude WTI traded at $55.27 a barrel. Sensex closed 458.03 points higher at 50,255.75 whereas Nifty ended 142.10 points higher at 14789.95.

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