Daily Sugar Market Update By Vizzie – 26/02/2021

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ChiniMandi, Mumbai: Friday 26th February 2021

Domestic Market:
The market witnessed good demand, prices remained firm.
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: There was no sale opened for S/30 by majority of the mills. M/30 rates are ₹3150
Uttar Pradesh: The rates for M/30 are ₹3210 to 3220
In Gujarat: The rates for old S/30 and ₹M/30 3101 to 3111 and new M/30 are prevailing at ₹3121 to 3151
Tamil Nadu: S/30 Sugar rates are ₹3220 to 3250 whereas, M/30 rates are 3275
(All the above rates are excluding GST)

International Market:
On Thursday sugar prices closed posted with moderate losses. Sugar prices retreated after Green Pool Commodity Specialists projected a 2021/22 global sugar surplus estimate of +4.1 MMT, wider than the projected 2020/21 global sugar surplus of +500,000 MT and the largest surplus in 4 years.

At the time of writing this update London White Sugar front month contract is trading at $461.40/tn, whereas New York Sugar front month contract is trading at 17.58/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹26850 to ₹27000 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹26850 to ₹27000 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.931 whereas USD was trading with BRL at 5.5311 Crude futures traded at Rs.4661, Crude WTI traded at $62.75 a barrel. Sensex closed 1939.32 points lower at 49,099.99 whereas Nifty ended 568.20 points lower at 14,529.15.

To Listen Sugar Market Update on 26th February 2021 News click on the play button.

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