Daily Sugar Market Update By Vizzie – 29/01/2021

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ChiniMandi, Mumbai: Friday 29th January 2021
Domestic Market: After the announcement of a lower quota for the month of February 2021. The market was held with positive sentiments. Overall, there was a good demand in the market nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3130 to ₹3180/Qntl. whereas M/30 ₹3210 to 3280. In the resale market S/30 is trading at ₹2980 to ₹3130 whereas M/30 is trading at ₹3030 to ₹3180
South Karnataka: The rates for S/30 at ₹3100 to 3130 whereas, M/30 rates are ₹3130 to 3180.
Uttar Pradesh: The rates for M/30 are ₹3245
In Gujarat: The rates for new M/30 are prevailing at ₹3131
Tamil Nadu: S/30 Sugar rates are ₹3140 to 3200 whereas, M/30 rates are 3210 to 3280
(All the above rates are excluding GST)

International Market: On Thursday, sugar prices settled lower on downward pressure from stronger brazil sugar output.

At the time of writing this update London White Sugar front month contract is trading at $452.20/tn, whereas New York Sugar front month contract is trading at 15.76/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 the 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 72.855 whereas USD was trading with BRL at 5.4539 Crude futures traded at Rs.3839, Crude WTI traded at $52.55 a barrel. Sensex closed 588.59 points lower at 46,285.77 whereas Nifty ended 182.95 points lower at 13634.60.

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