ChiniMandi, Mumbai: Monday 10th May 2021
Domestic Market:
Overview: The demand has been flat with the surge in Covid-19 cases across the country.
– Maharashtra: According to the Sugar Commissionerate, Maharashtra, the latest crushing reports exhibit sugar production of 106.05 LMT with an average recovery of 10.49%. 181 sugar mills out of 190 in the state have ended their crushing operations. Crushing in Maharashtra is likely to end by May 20,2021.
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.
– Karnataka : S/30 Sugar rates from millers are ₹3230 to 3275 whereas M/30 is at ₹3325.
– Uttar Pradesh: The rates for M/30 are ₹3330 to 3350
– Gujarat: The rates for new S/30 at ₹3110 to 3130 whereas new M/30 ₹3185 to 3200
– Tamil Nadu: S/30 Sugar rates are ₹3275 to 3350 whereas M/30 rates are at ₹3350 to 3400.
(All the above rates are excluding GST)
International Market:
On Friday, sugar prices closed settled mixed on consolidation after recent gains on the risks of a tight supply in the current season, excessive dry conditions in Brazil which curb sugar yields and the rally in crude which favor greater ethanol production.
Aug London white sugar #5 (SWQ21) closed at $464.70 per ton with an appreciation of $1.80 compared to the previous day, whereas July New York world sugar #11 (SBK21) closed at 17.49/lb down 0.06 points.
At the time of writing this update London White Sugar front month contract is trading at $470.40/tn,whereas New York Sugar front month contract is trading at 17.70/lb
In the Indian market, white sugar of the season 2020/21 icumsa 100 ready delivery for exports is trading at ₹27700 to 27900 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 73.320 whereas USD was trading with BRL at 5.2240 Crude futures traded at Rs.4801, Crude WTI traded at $65.40 a barrel. Sensex closed 295.94 points higher at 49,502.41 whereas Nifty ended 119.20 points higher at 14,942.35
