Daily Sugar Market Update By Vizzie – 12/05/2021

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ChiniMandi, Mumbai: Wednesday 12th 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 ₹3050 whereas M/30 is trading at ₹3050 to ₹3120. 

– Karnataka : S/30 Sugar rates from millers are ₹3200 to 3250 whereas M/30 is at ₹3300.

– Uttar Pradesh: The rates for M/30 are ₹3300 

– Gujarat: The rates for new S/30 at ₹3101 to 3111 whereas new M/30 ₹3160 to 3180

– Tamil Nadu: S/30 Sugar rates are ₹3250 to 3325 whereas M/30 rates are at ₹3325 to 3375.

(All the above rates are excluding GST)

International Market:
On Tuesday, sugar prices closed high 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. 

London white sugar closed at $480.50/ton with an appreciation of $14.40 whereas New York closed 17.90/lb with an appreciation +0.61 points. 

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 73.475 whereas USD was trading with BRL at 5.2319 Crude futures traded at Rs.4859, Crude WTI traded at $66.16 a barrel. Sensex closed 471.01 points lower whereas Nifty ended 154.25 points lower at 14,696.50.

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