Daily Sugar Market Update By Vizzie – 11/05/2021

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ChiniMandi, Mumbai: Tuesday 11th May 2021

Domestic Market:
Overview: The demand has been flat with the surge in Covid-19 cases across the country.
– Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 106.05 LMT with an average recovery of 10.49%. 181 sugar mills out of 190 in the state have ended their crushing operations. Crushing in Maharashtra is likely to end by May 20,2021.
S/30 Sugar rates from millers are ₹3110 to ₹3140/Qntl. whereas M/30 ₹3220. In the resale market S/30 is trading at ₹3025 to ₹3060 whereas M/30 is trading at ₹3050 to ₹3120.
– Karnataka : S/30 Sugar rates from millers are ₹3230 to 3275 whereas M/30 is at ₹3325.
– Uttar Pradesh: The rates for M/30 are ₹3330 to 3350
– Gujarat: The rates for new S/30 at ₹3110 to 3130 whereas new M/30 ₹3185 to 3200
– Tamil Nadu: S/30 Sugar rates are ₹3275 to 3350 whereas M/30 rates are at ₹3350 to 3400.
(All the above rates are excluding GST)

International Market:
On Monday, sugar prices closed settled mixed on consolidation after recent gains on the risks of a tight supply in the current season, excessive dry conditions in Brazil which curb sugar yields and the rally in crude which favor greater ethanol production.

At the time of writing this update London White Sugar front month contract is trading at $474.90/tn,whereas New York Sugar front month contract is trading at 17.93/lb

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27700 to 27900 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27200 to ₹27300 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.439 whereas USD was trading with BRL at 5.2697 Crude futures traded at Rs.4699, Crude WTI traded at $63.92 a barrel. Sensex closed 340.60 points lower at 49,161.81 whereas Nifty ended 91.60 points lower at 14,942.35

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