Daily Sugar Market Update By Vizzie – 07/04/2021

ChiniMandi, Mumbai: Wednesday 7th April 2021

Domestic Market:
The market was steady nationwide, marketmen are skeptical on the sale of quota basis the rising Covid-19 cases.
In Maharashtra: S/30 Sugar rates from millers are ₹3120 to ₹3150/Qntl. whereas M/30 ₹3230 to 3175. In the resale market S/30 is trading at ₹3025 to ₹3075 whereas M/30 is trading at ₹3050 to ₹3150.
South Karnataka: S/30 rates are ₹3235 to 3350 whereas M/30 is ₹3250 to 3500
Uttar Pradesh: The rates for M/30 are ₹3280 to 3320
Gujarat: The rates new S/30 at ₹3201 whereas new M/30 ₹3231 to 3241
Tamil Nadu: S/30 Sugar rates are ₹3270 to 3350 whereas M/30 rates are at ₹3350
(All the above rates are excluding GST)

International Market:
On Tuesday, sugar prices posted moderate gains, with New York sugar at a 1-week high. Strength in crude oil and the Brazilian real (^USDBRL) pushed sugar prices higher. Crude oil rose more than +1% which is positive for ethanol prices and is likely to prompt Brazil’s sugar mills in diverting more cane crushing toward ethanol production rather than sugar production and curb sugar supplies. The Brazilian real climbed +1.22% to a 1-1/2 week high against the dollar, which reduces the incentive for export selling by Brazil’s sugar producers.

At the time of writing this update London White Sugar front month contract is trading at $422.50/tn, whereas New York Sugar front month contract is trading at 15.07/lb.

In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27250 to ₹27350 on ex factory basis. Demand for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at ₹27000 to ₹27100 factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.450 whereas USD was trading with BRL at 5.5930 Crude futures traded at Rs.4449, Crude WTI traded at $59.69 a barrel. Sensex closed 460.37 points higher at 49,661.76 whereas Nifty ended 135.55 points higher at 14,819.05.