Daily Sugar Market Update By Vizzie – 09/06/2021

ChiniMandi, Mumbai; Wednesday 9th 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, however heavy to very heavy rains in most of the parts of western Maharashtra slowned transport operations.

State wise Prices as on June 09, 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 ₹3020 to ₹3050 whereas M/30 is trading at ₹3040 to ₹3110.
– Karnataka : S/30 Sugar rates from millers are ₹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 ₹3275 to 3325
(All the above rates are excluding GST

CRISIL’s update on the Sugar Sector:
According to the latest report of CRISIL, high sugar exports for the second sugar season (SS; October-September) in a row, coupled with increased supplies of ethanol and at remunerative prices for blending with petrol, will improve the operating profitability of integrated sugar mills by 75-100 basis points (bps) to 13-14% this fiscal. Also, the recent announcement by the government to advance the ethanol-petrol blending target of 20% by two years to 2023, could help sustain this momentum over the medium term.

International Market:
Yesterday’s Closing:
On Tuesday sugar prices closed higher on strengthened crude oil prices and the Brazilian Real. London white sugar closed at $465.50/ton up $6.20 whereas raw sugar on the New York Stock Exchange closed at 17.71 cents per pound with an appreciation of 0.33 points compared to the previous day.

Market Today :
London White Sugar front month contract is trading at $464.70/tn whereas New York Sugar front month contract is trading at 17.69/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:
The rupee traded against the US dollar at 72.948 whereas USD was trading with BRL at 5.0213 Crude futures traded at Rs.5135, Crude WTI traded at $70.42 a barrel. Sensex closed 333.93 points lower at 51941.64 whereas Nifty ended 104.75 points lower at 15635.35.


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