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

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ChiniMandi, Mumbai: Wednesday 5th May 2021

Domestic Market:
Overview: The market has been witnessing subdued demand.
– Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 105.9 LMT with an average recovery of 10.49%. 175 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)

International Market:
On Tuesday, sugar prices posted moderately higher on dry conditions in Brazil that may curb sugar yields and are bullish for prices.
At the time of writing this update London White Sugar front month contract is trading at $455.40/tn,whereas New York Sugar front month contract is trading at 17.40/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:
According to reports, shares of sugar companies rallied up to 20 percent in the beginning of this week on strong earnings outlook and optimism over the government’s policy on ethanol blending.
The rupee traded against the US dollar at 73.883 whereas USD was trading with BRL at 5.4457 Crude futures traded at Rs.4913, Crude WTI traded at $66.35 a barrel. Sensex closed 424.04 points higher at 48677.55 whereas Nifty ended 121.35 points higher at 14,617.85.

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