Daily Sugar Market Update By Vizzie – 13/05/2021

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ChiniMandi, Mumbai: Thursday 13th 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 down on long liquidation pressure after the rally in the last week and beginning of this week. Last evening Unica released the update of the sugarcane harvest for the second half of April. Sugar production in Brazil fell 25% in the fortnight compared to the same period last year, to 1.51 million tons, with sugarcane yields being more than 10% below the levels recorded last year.

London white sugar closed at $471.80/ton down $8.70 whereas New York closed 17.84/lb down 0.26 points.
At the time of writing this update London White Sugar front month contract is trading at $464.60/tn, whereas New York Sugar front month contract is trading at 17.51/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 market was closed on account of Eid-Ul-Fitr or Ramzan Eid.

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