Daily Sugar Market Update By Vizzie – 12/02/2021

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ChiniMandi, Mumbai: Friday 12th February 2021

Domestic Market:
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 ₹3170 to 3200 whereas, M/30 rates are ₹3130 to 3250..
Uttar Pradesh: The rates for M/30 are ₹3210 to 3230
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 to 3325.
(All the above rates are excluding GST)

International Market:
On Thursday sugar prices closed with moderate losses on the prospects for stronger sugar production from India, the world’s second-biggest sugar exporter. Ample sugar supply from Brazil is also a negative factor for sugar. UNICA reported Wednesday that Brazil’s Center-South sugar production through January was up +44% y/y to 38.195 MMT. The percentage of cane used for sugar rose to 46.21% in 2020-2021 from 34.48% in 2019-2020.

At the time of writing this update London White Sugar front month contract is trading at $473.70/tn, whereas New York Sugar front month contract is trading at 16.54/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.

According to sources, in a recent meeting held with the Department of Food & Public Distribution on the issue of sugar exports being stranded due to shortage of containers an advisory to all ports including Kandla is to be passed to export sugar with priority. The issue to re-explore opportunities to export sugar to Iran is under priority.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.606 whereas USD was trading with BRL at 5.3668 Crude futures traded at Rs.4202, Crude WTI traded at $57.80 a barrel. Sensex closed 12.78 points higher at 51,544.30 whereas Nifty ended -10.00 points higher at 15,163.30.

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