Daily Sugar Market Update By Vizzie – 28/01/2021

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ChiniMandi, Mumbai: Thursday 28th January 2021
Domestic Market: Ex-mill prices have been under pressure. The announcement of a lower quota for the month of February 2021 is likely to bring positive sentiments in the market.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl. whereas M/30 ₹3180 to 3250. In the resale market S/30 is trading at ₹2950 to ₹3100 whereas M/30 is trading at ₹3000 to ₹3150
South Karnataka: The rates for S/30 at ₹3075 to 3100 whereas, M/30 rates are ₹3100 to 3150.
Uttar Pradesh: The rates for M/30 are ₹3215
In Gujarat: The rates for S/30 and new M/30 are prevailing at ₹3101
Tamil Nadu: S/30 Sugar rates are ₹3140 to 3200 whereas, M/30 rates are 3200 to 3250
(All the above rates are excluding GST)

International Market: On Wednesday sugar prices settled higher on concern about dry conditions in Brazil’s Center South.

At the time of writing this update London White Sugar front month contract is trading at $444.60/tn, whereas New York Sugar front month contract is trading at 15.81/lb.
In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at Rs.26200 to Rs.26300 on ex factory basis.
Demand for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.26100 to Rs.26200 factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.050 whereas USD was trading with BRL at 5.4463 Crude futures traded at Rs.3862, Crude WTI traded at $52.74 a barrel. Sensex closed 535.57 points lower at 46874.36 whereas Nifty ended 149.95 points lower at 13817.55.

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