Daily Sugar Market Update By Vizzie – 24/02/2021


ChiniMandi, Mumbai: Wednesday 24th February 2021

Domestic Market:
The market was steady
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 Tuesday sugar prices fell back from 3-3/4 year nearest-futures highs and closed lower. A decline in crude oil prices sparked some long liquidation pressures in sugar.

At the time of writing this update London White Sugar front month contract is trading at $478.70/tn, whereas New York Sugar front month contract is trading at 18.20/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 72.355 whereas USD was trading with BRL at 5.4080 Crude futures traded at Rs.4523, Crude WTI traded at $62.33 a barrel. Sensex closed 1030.28 points higher at 50,781.69 whereas Nifty ended 274.20 points higher at 14982.00

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