ChiniMandi, Mumbai: Thursday 11th 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 ₹3130 to 3325.
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 ₹3200 to 3300 whereas, M/30 rates are 3300 to 3325.
(All the above rates are excluding GST)
On Wednesday sugar prices climbed to new highs with a rally in crude oil Wednesday that helped push sugar prices higher. The rally in crude oil benefits ethanol prices and is likely to prompt Brazil’s sugar mills to divert more sugarcane crushing towards ethanol production rather than sugar production, thus reducing sugar supplies. The recent demand for Brazil’s ethanol supplies has strengthened after Brazil’s Trade Ministry reported last week that Brazil January ethanol exports surged +155% y/y to 200 mln liters.
At the time of writing this update London White Sugar front month contract is trading at $479.50/tn, whereas New York Sugar front month contract is trading at 16.72/lb.
In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at Rs.26000 to Rs.26100 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at Rs.25900 to Rs.26000 factory basis.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.844 whereas USD was trading with BRL at 5.3863 Crude futures traded at Rs.4244, Crude WTI traded at $58.20 a barrel. Sensex closed 222.13 points higher at 51531.52 whereas Nifty ended 66.80 points higher at 15,173.30