Daily Sugar Market Update By Vizzie – 11/03/2021

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ChiniMandi, Mumbai: Wednesday 10th March 2021
Domestic Market:
The market was quiet. Not much demand was witnessed because of the bank holiday on occasion of Maha Shivratri.

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 market was closed.
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 Wednesday sugar prices settled mixed and consolidated above Tuesday’s 3-week lows. Strength in the Brazilian real (^USDBRL) against the dollar Wednesday sparked some short-covering in sugar futures. The real jumped +2.38% against the dollar on Wednesday, which discouraged export selling from Brazil’s sugar producers.

At the time of writing this update London White Sugar front month contract is trading at $456.70/tn, whereas New York Sugar front month contract is trading at 16.13/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 markets remained closed on occasion of Maha Shivratri.

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