Daily Sugar Market Update By Vizzie – 08/02/2021

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ChiniMandi, Mumbai: Monday 8th February 2021

Domestic Market:
The market witnessed good demand.
In Maharashtra: S/30 Sugar rates from millers are ₹3120 to ₹3150/Qntl. whereas M/30 ₹3230 to 3270. In the resale market S/30 is trading at ₹3015 to ₹3075 whereas M/30 is trading at ₹3070 to ₹3210
South Karnataka: The rates for S/30 at ₹3100 to 3150 whereas, M/30 rates are ₹3120 to 3200
Uttar Pradesh: The rates for M/30 are ₹3150 to 3200
In Gujarat: The rates for old S/30 and M/30 3121 an d new M/30 are prevailing at ₹3141 to 3151
Tamil Nadu: S/30 Sugar rates are ₹3170 to 3240 whereas, M/30 rates are 3200 to 3275
(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.

At the time of writing this update London White Sugar front month contract is trading at $476.40/tn, whereas New York Sugar front month contract is trading at 16.47/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.

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:
The rupee traded against the US dollar at 57.51 whereas USD was trading with BRL at 72.962 Crude futures traded at Rs.4203, Crude WTI traded at $57.52 a barrel. Sensex closed 617.14 points higher at 51348.77 whereas Nifty ended 191.55 points higher at 15115.80

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