Daily Sugar Market Update By Vizzie – 19/02/2021

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ChiniMandi, Mumbai: Friday 19th 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 ₹3010 to ₹3065 whereas M/30 is trading at ₹3060 to ₹3200.
South Karnataka: The rates for S/30 at ₹3140 to 3150 whereas, M/30 rates are ₹3130 to 3200
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 ₹3150 to 3300 whereas, M/30 rates are 3200 to 3275.
(All the above rates are excluding GST)

International Market:
On Thursday, sugar prices rallied on concern about smaller global supplies continuing to fuel fund buying of sugar futures. Signs of smaller sugar exports from India was another positive factor for sugar prices. The Indian Sugar Mills Association (ISMA) notified that India’s sugar mills have only contracted 2.5 MMT of sugar exports this year, below the government’s export target of 6 MMT. Sugar prices gained support on strength in crude oil prices. 0At the time of writing this update London White Sugar front month contract is trading at $480.30/tn, whereas New York Sugar front month contract is trading at 17.85/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 72.513 whereas USD was trading with BRL at 5.4267 Crude futures traded at Rs.4296, Crude WTI traded at $59.06 a barrel. Sensex closed 434.93 points lower at 50,889.76 whereas Nifty ended 137.20 points lower at 14,981.75.

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