ChiniMandi, Mumbai: Tuesday 9th February 2021
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 ₹3015 to ₹3075 whereas M/30 is trading at ₹3070 to ₹3210.
South Karnataka: The rates for S/30 at ₹3160 to 3200 whereas, M/30 rates are ₹3150 to 3250
Uttar Pradesh: The rates for M/30 are ₹3200 to 3210
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 ₹3240 to 3300 whereas, M/30 rates are 3300
(All the above rates are excluding GST)
On Monday sugar prices closed moderately lower on expectations for a global sugar surplus next year. Tropical Research Services (TRS) projects a global 2021/22 sugar surplus of 5.2 MMT on the prospects for sugar production to recover in Thailand and India. TRS predicts that Thailand’s 2021/22 sugar production may rebound to 10 MMT from 7.2 MMT in 2020/21 and that India’s 2021/22 sugar production my climb to a record 35.6 MMT from 31 MMT in 2020/21.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 $474.10/tn, whereas New York Sugar front month contract is trading at 16.33/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.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 58.15 whereas USD was trading with BRL at 72.882 Crude futures traded at Rs.4243, Crude WTI traded at $58.14 a barrel. Sensex closed 19.69 points lower at 51329.08 whereas Nifty ended 6.50 points lower at 15109.30
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