Daily Sugar Market Update By Vizzie – 19/03/2021

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ChiniMandi, Mumbai: Friday 19th March 2021
Domestic Market:
The market witnessed moderate demand.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3130/Qntl. whereas M/30 ₹3215 to 3175. In the resale market S/30 is trading at ₹3000 to ₹3050 whereas M/30 is trading at ₹3050 to ₹3115
South Karnataka: S/30 rates are ₹3140 to 3160.
Uttar Pradesh: The rates for M/30 are ₹3190 to 3220
Gujarat: The rates for old S/30 and ₹M/30 at 3101 whereas new M/30 ₹3135 to 3161.
Tamil Nadu: S/30 Sugar rates are ₹3180 to 3250.
(All the above rates are excluding GST)

International Market:
On Thursday initially sugar prices moved higher on stronger Chinese sugar demand. Chinese Feb sugar imports soared +90% y/y to 430,000 MT, and total China sugar imports Jan-Feb more than tripled year-over-year to over 1 MMT however later in the evening prices closed lower, with New York sugar falling to a 1-month low and London sugar falling to a 1-week low on a plunge in crude oil prices.

At the time of writing this update London White Sugar front month contract is trading at $455.50/tn, whereas New York Sugar front month contract is trading at 15.87/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27250 to ₹27350 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27000 to ₹27100 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.461 whereas USD was trading with BRL at 5.5604 Crude futures traded at Rs.4370, Crude WTI traded at $60.25 a barrel. Sensex closed 641.72 points higher at 49,858.24 whereas Nifty ended 186.15 points higher at 14,744.00

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