ChiniMandi, Mumbai:Friday 4th June 2021
The demand has been quite poor throughout the month of May with the surge in Covid-19 cases and statewise imposed lockdowns in different parts of the country amidst summers. The Central Government however has been reluctant to call for a nationwide lockdown on apprehension of backlash on the economic growth. Sugar millers have already been facing the heat with selling pressure, stocks piled, unlifted sold stocks,growing interests etc, logistics has also taken a backseat hence not being able to liquidate funds. Market-men expect to witness some demand picking after state lockdowns are eased in the coming days of June 2021. The industry is also eagerly awaiting some decision on the hike of Minimum Selling Price which is currently ₹3100/Quintal to improve the situation of stakeholders.
State wise Prices as on June, 04 2021 :
– Maharashtra:S/30 Sugar rates from millers are ₹3100 to ₹3120/Qntl. whereas M/30 ₹3125 to 3170.
In the resale market S/30 is trading at ₹3025 to ₹3050 whereas M/30 is trading at ₹3050 to ₹3120.
– Karnataka : S/30 Sugar rates from millers are ₹3180 to 3225 whereas M/30 is at ₹3275.
– Uttar Pradesh: The rates for M/30 are ₹3310 to 3325
– Gujarat: S/30 Sugar rates are ₹3111 to 3131 whereas M/30 rates are at ₹3171 to 3181
– Tamil Nadu: S/30 Sugar rates are ₹3225 to 3300 whereas M/30 rates are at ₹3300 to 3350
(All the above rates are excluding GST
On Wednesday sugar prices closed lower on production & export outlook from India without financial assistance from the Government. London white sugar closed at $464.50/ton whereas raw sugar on the New York Stock Exchange was noted at 17.68 c/lb.
Market Today :
The market opened higher but dropped and is currently in the red at the time of writing this update. London White Sugar front month contract is trading at $460.90/tn whereas New York Sugar front month contract is trading at 17.46/lb
Indian Export Rates Today:
In the Indian market, white sugar for the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹28800 to ₹29000 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28200 to ₹28400 factory basis. According to exporters, sugar mills are keen on exporting under OGL owing to the favorable international sugar prices compared to the depressing domestic sugar prices and no demand.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.021 whereas USD was trading with BRL at 5.0671 Crude futures traded at Rs.5050, Crude WTI traded at $69.23 a barrel. Sensex closed 132.38 points lower at 52,100.05 whereas Nifty ended 20.10 points lower at 15,670.25.