Daily Sugar Market Update By Vizzie – 16/06/2021

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ChiniMandi, Mumbai: Wednesday, 16th June 2021

Domestic Market:
Market Scenario:
The market has been steady, no major movement has been witnessed. According to market-men Maharashtra state has witnessed demand picking with the ease in the lockdown. Meanwhile in Gujarat, Tamil Nadu and Karnataka the demand has been flat. Rains in many parts of the state slowened the demand and traded sugar in the recent days.

State wise Prices as on June 15, 2021 :
– Maharashtra:S/30 Sugar rates from millers are ₹3100 to ₹3120/Qntl. whereas M/30 ₹3125 to 3170.
In the resale market S/30 is trading at ₹3020 to ₹3050 whereas M/30 is trading at ₹3040 to ₹3110.
– Karnataka : S/30 Sugar rates from millers are ₹3215 whereas M/30 is at ₹3265.
– Uttar Pradesh: The rates for M/30 are ₹3310 to 3325
– Gujarat: S/30 Sugar rates are ₹3111 to 3131 whereas M/30 rates are at ₹3171 to 3181
– Tamil Nadu: S/30 Sugar rates are ₹3215 to 3300 whereas M/30 rates are at ₹3290 to 3325
(All the above rates are excluding GST

International Market:
Yesterday’s Closing:
On Tuesday sugar prices closed lower on higher sugar output in Brazil Center South and positive prospects from India and Thailand. London white sugar closed at $440.80/ton down $7.70 whereas raw sugar on the New York Stock Exchange closed at 17.05 cents per pound down by 0.24 points.

Market Today:
London White Sugar front month contract is trading at $445.40/tn whereas New York Sugar front month contract is trading at 17.28/lb

Indian Export Rates Today:
In the Indian market, white sugar for the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹28600 to ₹28800 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600-1200 is at ₹28000 to ₹28200 factory basis. According to exporters, sugar mills are keen on exporting under OGL owing to the favorable international sugar prices compared to the depressing domestic sugar prices and no demand.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.42 whereas USD was trading with BRL at 5.0434 Crude futures traded at Rs.5309, Crude WTI traded at $72.42 a barrel. Sensex closed 271.07 points lower at 52,501.98 whereas Nifty ended 101.70 points lower at 15,767.55.

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