Daily Sugar Market Update By Vizzie – 22/04/2021

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ChiniMandi, Mumbai: Wednesday 22nd April 2021
Domestic Market:
The market witnessed scanty demand with the state restrictions due to the surge of Covid-19 cases. According to marketmen logistics is also becoming a worrisome issue leaving liftings & deliveries delayed.
In Maharashtra: S/30 Sugar rates from millers are ₹3110 to ₹3140/Qntl. whereas M/30 ₹3220. In the resale market S/30 is trading at ₹3040 to ₹3080 whereas M/30 is trading at ₹3060 to ₹3120.
South Karnataka: S/30 rates are ₹3290 to 3400 whereas M/30 is ₹3370 to 3425
Uttar Pradesh: The rates for M/30 are ₹3450 to 3480
Gujarat: The rates new S/30 at ₹3191 whereas new M/30 ₹3261
Tamil Nadu: S/30 Sugar rates are ₹3290 to 3400 whereas M/30 rates are at ₹3370 to 3425.
(All the above rates are excluding GST)

International Market
On Wednesday sugar prices closed on moderate gains 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 $463/tn, whereas New York Sugar front month contract is trading at 16.87/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:
The rupee traded against the US dollar at 75.031 whereas USD was trading with BRL at 5.5695 Crude futures traded at Rs.4592, Crude WTI traded at $61.03 a barrel. Sensex closed 374.87 points higher at 48,080.67 whereas Nifty ended 109.75 points higher at 14,406.15.

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