Daily Sugar Market Update By Vizzie – 09/03/2021

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ChiniMandi, Mumbai: Tuesday 9th March 2021

Domestic Market:
The market witnessed moderate demand.

In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3130/Qntl. whereas M/30 ₹3215 to 3175. In the resale market S/30 is trading at ₹2990 to ₹3030 whereas M/30 is trading at ₹3040 to ₹3100
South Karnataka: S/30 rates are ₹3160 to 3175. M/30 rates are ₹3225.
Uttar Pradesh: The rates for M/30 are ₹3170 to 3210
Gujarat: The rates for old S/30 and ₹M/30 at 3101 to 3111 and new S/30 are prevailing at ₹3121 new M/30 ₹3121 to 3141
Tamil Nadu: S/30 Sugar rates are ₹3190 to 3250 whereas, M/30 rates are 3240 to 3275.
(All the above rates are excluding GST)

International Market:
On Monday sugar prices posted moderate losses on weakness in crude oil prices that fell more than -1%, which undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

At the time of writing this update London White Sugar front month contract is trading at $458.40/tn, whereas New York Sugar front month contract is trading at 16.10/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27150 to ₹27250 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27000 to ₹27150 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.945 whereas USD was trading with BRL at 5.8313 Crude futures traded at Rs.4804, Crude WTI traded at $65.76 a barrel. Sensex closed 584.41 points higher at 51,025.48 whereas Nifty ended 142.20 points higher at 15,098.40.

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