Daily Sugar Market Update By Vizzie – 06/05/2021

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ChiniMandi, Mumbai: Thursday 6th May 2021 

Domestic Market:
Overview: The market has been witnessing subdued demand with the current Covid-19 situation in the country, prices have slid down by ₹20 to 30/quintal. 

– Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 105.93 LMT with an average recovery of 10.49%. 179 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 ₹3330 to 3350

– Gujarat: The rates for new S/30 at ₹3125 to 3135 whereas new M/30 ₹3195 to 3211 

– 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 Wednesday, sugar prices closed higher on the risks of a tight supply in the current season, excessive dry conditions in Brazil which curb sugar yields and the rally in crude which favor greater ethanol production. Aug London white sugar #5 (SWQ21) closed at $460.80 per ton with an appreciation of $11 compared to the previous day, whereas July New York world sugar #11 (SBK21) closed at 17.53/lb up 41 points.

At the time of writing this update London White Sugar front month contract is trading at $465.10/tn,whereas New York Sugar front month contract is trading at 17.65/lb

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27700 to 27900 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 73.785 whereas USD was trading with BRL at 5.3117 Crude futures traded at Rs.4809, Crude WTI traded at $65.12 a barrel. Sensex closed 272.21 points higher at 48949.76 whereas Nifty ended 106.95 points higher at 14,724.80.

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