Daily Sugar Market Update By Vizzie – 30/04/2021

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ChiniMandi, Mumbai: Friday 30th April 2021
Domestic Market:
Overview: The market has been quiet throughout the week with scanty demand due to the lockdown restrictions and surge in covid-19 cases which has brought down demand. Logistics has also been a worrisome issue at many locations. Overall, there has been selling pressure held amongst millers and marketmen.

Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 105.59 LMT with an average recovery of 10.49%. 167 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 ₹3025 to ₹3060 whereas M/30 is trading at ₹3050 to ₹3120.
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 ₹3375 to 3400.
(All the above rates are excluding GST)

International Market:
On Wednesday sugar prices witnessed long liquidation pressure and closed moderately lower. Aug London white sugar #5 (SWQ21)  closed at $453.20 per ton, down $9.50 compared to the previous day, whereas May New York world sugar #11 (SBK21) closed at 17.08/lb down 22 points.

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:
The rupee traded against the US dollar at 74.011 whereas USD was trading with BRL at 5.3378 Crude futures traded at Rs.4725, Crude WTI traded at $63.66 a barrel. Sensex closed 983.58 points lower at 48782.36 whereas Nifty ended 263.80 points lower at 14,631.10.

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