Daily Sugar Market Update By Vizzie – 07/06/2021

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ChiniMandi, Mumbai; Monday 7th June 2021

Domestic Market:
Market Scenario:
The market has been steady for a couple of weeks. Some improvement in demand was witnessed in Maharashtra after lockdown restrictions were eased in some cities. Marketmen expect the demand increase after the statewise lockdowns ease in states across the country.

State wise Prices as on June 07, 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 ₹3015 to ₹3040 whereas M/30 is trading at ₹3040 to ₹3110.
– Karnataka : S/30 Sugar rates from millers are ₹3150 to 3200 whereas M/30 is at ₹3250.
– 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 ₹3200 to 3300 whereas M/30 rates are at ₹3260 to 3350
(All the above rates are excluding GST

International Market
Friday’s Closing:
On Friday sugar prices closed higher on strengthened crude oil prices. London white sugar closed at $466.50/ton up $6.90 whereas raw sugar on the New York Stock Exchange closed at 17.71c/lb up by 0.28 points.

Market Today:
London White Sugar front month contract is trading at $462.50/tn whereas New York Sugar front month contract is trading at 17.53/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:
Sugar stocks hit the upper circuit as the Government has emphasis on ethanol blending, share hit a rally upto 19%. The rupee traded against the US dollar at 72.818 whereas USD was trading with BRL at 5.0466 Crude futures traded at Rs.5042, Crude WTI traded at $69.25 a barrel. Sensex closed 228.46 points higher at 52,328.51 whereas Nifty ended 81.40 points higher at 15,751.65.

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