Daily Sugar Market Update By Vizzie – 04/03/2021

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ChiniMandi, Mumbai: Thursday 4th March, 2021

Domestic Market:
The market witnessed moderate demand.
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 ₹3030 to ₹3065 whereas M/30 is trading at ₹3075 to ₹3200.
South Karnataka: S/30 rates are ₹3160 to 3195. M/30 rates are ₹3170 to 3250.
Uttar Pradesh: The rates for M/30 are ₹3170 to 3210
In Gujarat: The rates for old S/30 and ₹M/30 3101 to 3111 and new S/30 are prevailing at ₹3121 new M/30 ₹3121 to 3141
Tamil Nadu: S/30 Sugar rates are ₹3220 to 3270 whereas, M/30 rates are 3295
(All the above rates are excluding GST)

International Market:
On Wednesday, sugar prices closed down. A surge in Indian sugar production and weakness in the Brazilian real weighed on prices. According to the latest data from India’s Sugar Mills Association (ISMA) showed that India’s Oct-Feb sugar production rose +20% y/y to 23.38 MMT.

At the time of writing this update London White Sugar front month contract is trading at $461.80/tn, whereas New York Sugar front month contract is trading at 16.26/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27150 to ₹27250 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27000 to ₹27150 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.757 whereas USD was trading with BRL at 5.6113 Crude futures traded at Rs.4483, Crude WTI traded at $61.47 a barrel. Sensex closed 598.57 points lower at 50,846.08 whereas Nifty ended 164.85 points lower at 15,080.75.

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