Daily Sugar Market Update By Vizzie – 15/05/2021

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ChiniMandi, Mumbai: Saturday 15th May 2021
Domestic Market:
Overview:  The domestic demand has been haunted by “no demand” 

– 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 Friday sugar closed lower. 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 $453.60/ton down -0.42% lower by $1.90 whereas New York closed down
-0.88% at 16.96/lb lower 0.15 points

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.

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