Daily Sugar Market Update By Vizzie – 20/03/2021

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ChiniMandi, Mumbai: 20th Saturday 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:
According to reports, on Friday sugar prices slipped to 6-week lows on ample sugar supplies and demand concerns. An increased sugar output from India is negative for sugar prices. The India’s Sugar Mills Association reported that India’s Oct-Mar 15 sugar production rose +20% y/y to 25.87 MMT. Concern that a spread of a third Covid wave through Europe will lead to longer lockdowns and tighter travel restrictions that reduce economic growth and commodity demand contributing to undercutting sugar prices.

May New York world sugar #11 (SBK21) on closed down -0.13 (-0.82%) at 15.76/lb, and May London white sugar #5 (SWK21) closed down -2.60 at $453.40 (-0.57%)

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.

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