Daily Sugar Market Update By Vizzie – 16/02/2021

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ChiniMandi, Mumbai: Tuesday 16th February 2021

Domestic Market:
The market witnessed moderate demand.
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 ₹3140 to 3175 whereas, M/30 rates are ₹3130 to 3225.
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 ₹3190 to 3280 whereas, M/30 rates are 3240 to 3300.
(All the above rates are excluding GST)

International Market:
On Friday sugar prices closed lower after Citigroup said that it sees sugar prices falling from current levels to 14-15 cents per pound on the outlook for a global sugar surplus. Citigroup is forecasting a global 2021/22 sugar surplus of +5.0 MMT compared with a -2.0 MMT deficit in 2020/21. Sugar prices were already on the defensive from Thursday’s news of higher sugar production from India.
At the time of writing this update London White Sugar front month contract is trading at $455.70/tn, whereas New York Sugar front month contract is trading at 16.55/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.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.608 whereas USD was trading with BRL at 5.3701 Crude futures traded at Rs.4349, Crude WTI traded at $59.79 a barrel. Sensex closed 49.96 points lower at 52,104.17 whereas Nifty ended -1.25 points lower at 15,313.45.

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