Daily Sugar Market Update By Vizzie – 05/02/2021

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ChiniMandi, Mumbai: Friday 5th February 2021
Domestic Market:
The market witnessed good 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 ₹2970 to ₹3040 whereas M/30 is trading at ₹3020 to ₹3170
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 Thursday sugar prices erased early losses and closed higher on signs of strong demand for Brazil’s ethanol supplies. Brazil’s Trade Ministry reported that Brazil January ethanol exports surged +155% y/y to 200 mln liters.

At the time of writing this update London White Sugar front month contract is trading at $470.10/tn, whereas New York Sugar front month contract is trading at 16.34/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 72.92 whereas USD was trading with BRL at 5.44707 Crude futures traded at Rs.4147, Crude WTI traded at $56.80 a barrel. Sensex closed 117.34 points higher at 50731.63 whereas Nifty ended 28.60 points higher at 14,924.25–

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