Daily Sugar Market Update By Vizzie – 23/02/2021

ChiniMandi, Mumbai:Tuesday 23rd February 2021

Domestic Market:
The market witnessed scanty demand.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3130/Qntl. whereas M/30 ₹3210 to 3250. In the resale market S/30 is trading at ₹3010 to ₹3065 whereas M/30 is trading at ₹3060 to ₹3200.
South Karnataka: The rates for S/30 at ₹3110 to 3125 whereas, M/30 rates are ₹3120 to 3175
Uttar Pradesh: The rates for M/30 are ₹3210 to 3220
In Gujarat: The rates for old S/30 and M/30 3101-3111 and new M/30 are prevailing at ₹3121 to 3141
Tamil Nadu: S/30 Sugar rates are ₹3175 to 3225 whereas, M/30 rates are 3225 to 3250.
(All the above rates are excluding GST)

International Market:
On Monday, sugar prices rallied to a fresh 3-3/4 year nearest-futures high on concern about smaller global supplies continuing to fuel fund buying of sugar futures. According to reports the current shipping delays in Brazil for its soybean exports may curb global sugar supplies since the queue of vessels waiting at Brazilian ports are so large that bottlenecks are likely to continue until May when sugar is normally the biggest crop for export. The outlook for excessive rain in Brazil’s sugar-producing regions and signs of smaller sugar exports from India are other supporting factors for sugar prices. Indian Sugar Mills Association (ISMA) said last week that India’s sugar mills have only contracted 2.5 MMT of sugar exports this year, below the Government’s export target of 6 MMT on a shortage of shipping containers.

At the time of writing this update London White Sugar front month contract is trading at $487.30/tn, whereas New York Sugar front month contract is trading at 18.77/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹26600 to ₹26800 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹26500 to ₹26600 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 72.511 whereas USD was trading with BRL at 5.4478 Crude futures traded at Rs.4588, Crude WTI traded at $62.17 a barrel. Sensex closed 7.09 points higher at 49,751.41 whereas Nifty ended 32.10 points higher at 14707.80

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