ChiniMandi, Mumbai: Tuesday 4th May 2021
Overview: Since two weeks the market has been witnessing scanty demand due to the surge in Covid-19 cases, logistics has also been an issue. Market-men expect some improvements in demand and supply after the ease in lockdown restrictions.
According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 105.88 LMT with an average recovery of 10.49%. 173 sugar mills out of 190 in the state have ended their crushing operations.
S/30 Sugar rates from millers are ₹3110 to ₹3140/Qntl. whereas M/30 ₹3220. In the resale market S/30 is trading at ₹3025 to ₹3060 whereas M/30 is trading at ₹3050 to ₹3120.
– Karnataka : S/30 Sugar rates from millers are ₹3230 to 3275 whereas M/30 is at ₹3325.
– Uttar Pradesh: The rates for M/30 are ₹3575 to 3580
– Gujarat: The rates for new S/30 at ₹3141 to 3161 whereas new M/30 ₹3211 to 3231
– Tamil Nadu: S/30 Sugar rates are ₹3275 to 3350 whereas M/30 rates are at ₹3350 to 3400.
(All the above rates are excluding GST)
On Monday,posted moderate losses on signs of increased sugar production in India. According to ISMA, sugar mills across the country have produced 299.15 lac tons of sugar between 1st October 2020 and 30th April 2021. This is about 41 lac tons higher than 258.09 lac tons produced at the same time last year. However, as compared to 112 sugar mills which were crushing sugarcane on 30 th April 2020, 106 sugar mills are crushing sugarcane on 30th April 2021 this year. The production has gone up 16% y/y due to a bumper crop and increased cane crushing.
At the time of writing this update London White Sugar front month contract is trading at $451.80/tn, whereas New York Sugar front month contract is trading at 17.06/lb
In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27700 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27200 to ₹27300 factory basis.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.874 whereas USD was trading with BRL at 5.4729 Crude futures traded at Rs.4843, Crude WTI traded at $65.33 a barrel. Sensex closed 465.01 points lower at 48718.52 whereas Nifty ended 14496.50 points lower at 14,496.50.