Daily Sugar Market Update By Vizzie – 06/02/2021

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ChiniMandi, Mumbai: Saturday 6th 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 ₹2980 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 ₹3150 to 3200
In Gujarat: The rates for old S/30 and M/30 3101 and new M/30 are prevailing at ₹3121 to 3131
Tamil Nadu: S/30 Sugar rates are ₹3200 to 3240 whereas, M/30 rates are 3250 to 3300
(All the above rates are excluding GST)

International Market:
On Friday sugar prices closed sharply higher on reduced Thailand sugar production. TheThailand Office of the Cane & Sugar Board reported that Thailand’s 2020/2021 sugar production during Dec 10-Feb 4 fell -25% y/y to 4.7 MMT. Sugar prices also gained support from a rally in crude oil to a new 1-year high

March New York world sugar #11 (SBH21) closed up +0.37 (+2.31%) at $474.80/.tn, and March London White sugar #5 (SWH21) closed up +9.40 (+2.02%) at 16.42/c.

Sugar exports from India seem to have slowed down in spite of competitive prices as a result of container shortage and internal logistics issues. Millers, exporters and trade houses have been left concerned since the allocated Maximum Admissible Export Quota (MAEQ) of 6 mmt of would help bring down stockpiles and support the domestic prices which at odds have been sharply falling.  In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹26100 to ₹26200 on ex-factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹26000 to  ₹26100 factory basis.

Currency, Commodity & Indian Indices:
Indian indices on Friday closed at record highs in line with positive global equities. Sensex closed 117 points higher at 50,723 and Nifty gained 28 points to 14,924. Both benchmarks hit fresh lifetime highs of 51,073 and 15,014 earlier yesterday. On the currency front, Indian Rupee gained 3 paise to settle at 72.93  against the US dollar on Friday.

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