Daily Sugar Market Update By Vizzie – 09/02/2021
ChiniMandi, Mumbai: Wednesday 10th February 2021
The market was steady.
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 Tuesday sugar prices closed moderately higher on carry-over support from a rally in crude oil prices that climbed to a new 1-year high which benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward 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 $475.70/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.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.852 whereas USD was trading with BRL at 5.3784 Crude futures traded at Rs.4275, Crude WTI traded at $58.62 a barrel. Sensex closed 19.69 points lower at 51309.39 whereas Nifty ended 2.80 points lower at 15106.50.
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