Daily Sugar Market Update By Vizzie – 14/05/2021

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ChiniMandi, Mumbai: Friday 14th May 2021

Domestic Market:
Overview: The demand has been flat with the surge in Covid-19 cases across the country, today the market was partially closed on account of Eid-Ul-Fitr or Ramzan Eid.
– Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 106.14 LMT with an average recovery of 10.49%. 184 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. According to marketmen the market situation is on a verge of getting quieter with the stricter lockdown imposed in Maharashtra. Logistics will play no different in this scenario.
– 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 ₹3225 to 3240
– 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 Wednesday sugar closed more than 4% lower after a slide in ethanol prices and underbid making ethanol parity equal to NY futures for the first time in quite some time. The international sugar market has been exhibiting volatility throughout the week with concerns on surge in Covid-19 cases across the world, climatic conditions that have affected the Brazilian sugarcane crop and other factors of crude oil demand.

London white sugar closed at $455.50/ton down -3.45% lower by $16.30 whereas New York closed down -4.09% at 17.11/lb lower 0.73 points

At the time of writing this update London White Sugar front month contract is trading at $458.00/tn,whereas New York Sugar front month contract is trading at 17.21/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 73.239 whereas USD was trading with BRL at 5.2763 Crude futures traded at Rs.4732, Crude WTI traded at $64.56 a barrel. Sensex closed 41.75 points up at 48732.55 whereas Nifty ended 18.70 points lower at 14,677.80.

 

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