Daily Sugar Market Update By Vizzie – 17/05/2021

ChiniMandi, Mumbai: Monday 17th 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 106.21 LMT with an average recovery of 10.50%. 186 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 ₹3180 to 3225 whereas M/30 is at ₹3250.

– 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 ₹3225 to 3325 whereas M/30 rates are at ₹3300 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. 

At the time of writing this update London White Sugar front month contract is trading at $450.30/tn,whereas New York Sugar front month contract is trading at 16.82/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 73.320 whereas USD was trading with BRL at 5.3013 Crude futures traded at Rs.4761, Crude WTI traded at $64.92 a barrel. Sensex closed 848.18 points up at 49580.73 whereas Nifty ended 245.35 points higher at 14,923.15.tillby


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