Daily Sugar Market Update By Vizzie – 21/04/2021

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ChiniMandi, Mumbai: Wednesday 21st April 2021
Domestic Market:
The market witnessed moderate demand. According to marketmen logistics is becoming a worrisome issue leaving liftings & deliveries delayed.
In Maharashtra: S/30 Sugar rates from millers are ₹3120 to ₹3150/Qntl. whereas M/30 ₹3230 to 3175. In the resale market S/30 is trading at ₹3050 to ₹3090 whereas M/30 is trading at ₹3070 to ₹3130.
South Karnataka: S/30 rates are ₹3260 to 3300 whereas M/30 is ₹3350
Uttar Pradesh: The rates for M/30 are ₹3450 to 3480
Gujarat: The market was closed on occasion of Ram Navmi.
Tamil Nadu: S/30 Sugar rates are ₹3300 to 3400 whereas M/30 rates are at ₹3370 to 3450
(All the above rates are excluding GST)

International Market
On Tuesday sugar prices rallied on concern about reduced global sugar production. Reports on excessive dry conditions in Sao Paulo, Brazil which makes up 68% of Brazil’s total cane production witnessed the driest weather in 20 years in five of the six months through March, and yield losses could be as high as 20% in some areas, according to Somar. Wilmar International expects Brazil’s center-south cane crop to drop down to 530 million tonnes in 2021/22 compared to 605 million tonnes in the previous season with sugar production down to approx 31 to 33 million tonnes from 38.5 million tonnes.

At the time of writing this update London White Sugar front month contract is trading at $459/tn, whereas New York Sugar front month contract is trading at 16.60/lb

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27500 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:
Indian markets were closed on the occasion of Ram Navmi.

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