Daily Sugar Market Update By Vizzie – 22/03/2021

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ChiniMandi, Mumbai: Monday 22nd 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 ₹3150 to 3200.
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 whereas M/30 rates are at ₹3250 to 3275
(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%)

At the time of writing this update London White Sugar front month contract is trading at $455.20/tn, whereas New York Sugar front month contract is trading at 15.82/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 72.326 whereas USD was trading with BRL at 5.5182 Crude futures traded at Rs.4462, Crude WTI traded at $61.29 a barrel. Sensex closed 86.95 points lower at 49,771.29 whereas Nifty ended -7.60 points lower at 14,736.40.

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