Daily Sugar Market Update By Vizzie – 04/02/2021

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ChiniMandi, Mumbai: Thursday 4th February 2021
Domestic Market:
The market was steady, prices remained firm.
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 ₹2950 to ₹3020 whereas M/30 is trading at ₹3000 to ₹3150
South Karnataka: The rates for S/30 at ₹3100 to 3150 whereas, M/30 rates are ₹3150 to 3200
Uttar Pradesh: The rates for M/30 are ₹3140 to 3200
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 ₹3200 to 3250 whereas, M/30 rates are 3250 to 3300
(All the above rates are excluding GST)

International Market:
On Wednesday sugar prices posted moderate losses on ramped-up sugar production in India, the world’s second-biggest sugar exporter. This week, Indian Sugar Mills Association (ISMA) reported that India Oct-Jan sugar production climbed +25% y/y to 17.68 MMT.A positive for sugar yesterday was also a rally in crude oil prices to a new 1-year high.

At the time of writing this update London White Sugar front month contract is trading at $461.20/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.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 56.13 whereas USD was trading with BRL at 72.940 Crude futures traded at Rs.4101, Crude WTI traded at $556.12 a barrel. Sensex closed 358.54 points higher at 55.614.29 whereas Nifty ended 105.70 points higher at 14895.65

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