Daily Sugar Market Update By Vizzie – 18/02/2021

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ChiniMandi, Mumbai: Thursday 18th February 2021
Domestic Market:
The market witnessed moderate demand, prices remained firm.
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 3160 whereas, M/30 rates are ₹3130 to 3210
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 Wednesday sugar prices on concerns about smaller global supplies fueled fund buying of sugar futures. According to the Thailand Office of the Cane & Sugar Board, Thailand’s 2020/21 sugar production during Dec 10-Feb 12 fell -23% y/y to 5.5 MMT. Crude oil rallied to a new 13-month high too, which benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

At the time of writing this update London White Sugar front month contract is trading at $467.20/tn, whereas New York Sugar front month contract is trading at 17.18/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 72.561 whereas USD was trading with BRL at 5.4050 Crude futures traded at Rs.4472, Crude WTI traded at $61.56 a barrel. Sensex closed 379.14 points lower at 51,324.69 whereas Nifty ended 89.95 points lower at 15,118.95

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