ChiniMandi, Mumbai: Wednesday 28th April 2021
Overview: The market has been witnessing scanty demand due to the lockdown restrictions and surge in Covid-19 cases which has once again changed the demand & consumption dynamics.
According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 105.49 LMT with an average recovery of 10.49%. 164 sugar mills out of 190 in the state have ended their crushing operations.
S/30 Sugar rates from millers are ₹3110 to ₹3140/Qntl. whereas M/30 ₹3220. In the resale market S/30 is trading at ₹3035 to ₹3070 whereas M/30 is trading at ₹3060 to ₹3120.
South Karnataka: S/30 rates are ₹3250 whereas M/30 is ₹3300
Uttar Pradesh: The rates for M/30 are ₹3440 to 3470
Gujarat: The rates new S/30 at ₹3151 to 3171 whereas new M/30 ₹3221 to 3241
Tamil Nadu: S/30 Sugar rates are ₹3250 to 3380 whereas M/30 rates are at ₹3315 to 3425.
(All the above rates are excluding GST)
On Tuesday sugar prices closed up to fresh 2-month highs. Fund buying continued to support sugar prices on concern about reduced global sugar production. Aug London white sugar #5 (SWQ21) was traded yesterday at $480.40 per ton, appreciation of $14.90 compared to Monday’s prices.
Unica released their 1st half April harvest data yesterday which showed Brazil’s April sugar output down 35% as fewer mills begin the season.
At the time of writing this update London White Sugar front month contract is trading at $470.10/tn, whereas New York Sugar front month contract is trading at 17.41/lb
In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27700 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27200 to ₹27300 factory basis.
Currency, Commodity & Indian Indices:
According to reports sugar stocks have shown huge action in their stock prices. The rupee traded against the US dollar at 74.502 whereas USD was trading with BRL at 5.4072 Crude futures traded at Rs.4745, Crude WTI traded at $63.44 a barrel. Sensex closed 789.70 points higher at 49,733.84 whereas Nifty ended 211.50 points higher at 14,864.55.
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