Sugar as a commodity is now seeing bottleneck in terms of Policymaking across the world. India: Cane prices rose back to back for 3 years MSP of Sugar not revised for last 7 years (still at Rs 31/Kg) COGS for non UP mills run near to 38-42 per kg (Crushing closed earlier in Karnataka and Maharashtra) E20 requirement is overflowing due to other means of producing ethanol. Sugar to Ethanol quota reduced by 37.5% Export quota increased to 2 mn tonnes but crushing lower than expected (Surplus to Deficit) . Brazil Petrobas taking massive hit on Gasoline (Election is 2026) In Diesel Petrobas is passing on some cost escalation. At current Raw sugar price (Sugar no 11) and White premium sugar prices, Brazil will actually end up exporting sugar at loss (Crude thesis to follow) Opening stock of sugar is decent (world market) . Thailand One of the countries who started exporting to Africa during middle East war Considering higher blending for Ethanol . Crude today is at 94-96 usd on Brent Rate, but you have Saudi selling this at 15-17 usd premium the cost of freight and insurance which has skyrocketed. So technically the Diesel prices in Brazil is huge enough to impact COGS for sugar. (Crushing season starts in April and Unica Data awaited) . Middle East White premium sugar processing facility down due to hormuz closure (10% import of Raw sugar , 6% export of white premium sugar) - The spread should ideally improve, but has it? . Very interesting next 2-3 months for sugar as Governments across the world would have to take decision to debottleneck the resource flow. #NSE #BSE

The certainity of El nino increases more and more with almost no rain till now. The deviation from long term average for rains as of date stands at 20-25%. This threatens the generation from Hydro power plants (almost 10-12% of power capacity) , partially covered by solar during day times as BESS is still sometime away from full fledge implementation. But the peak requirement tends to be post 5 pm. Peak demand in January 2026 reached a five-year high of 245.4 GW - out of which roughly say 24% came from solar and rest from coal and others. On May 21st we hit 270 GW peak requirement where huge solar installations came into picture. Fast forward to 2027 winter and also rainy season just before that, a lower rain has far reaching impact than agriculture, as the next winter would see massive usage of thermal plants to fill the void left by Hydro power. The companies which have thermal capacities and have not signed PPA are set to benefit exceptionally. Also those PSU companies like NTPC which get rewarded extra on reaching certain PLF levels will further get benefitted. Assuming 5-6% growth in peak power requirement, we are staring at a potential possibility of higher reliance on Thermal going forward especially the Q3 and some part of Q4. Some Data from IMD source: Week ending June 3: 6.0mm actual vs 8.4mm normal = 71% of normal for that week Week ending June 10: 20.1mm actual vs 27.1mm normal = 74% of normal for that week CUMULATIVE to June 10: 26.1mm vs 35.5mm normal = 73.5% of normal-to-date Two weeks in, India is running at ~73-74% of normal cumulative rainfall. #NTPC #Refex

Bring it onnnnnn

Zeel Entertainment : Breaks channel and 200 sma together. Interesting #ZEEL

Football saved. Thank You PSG @PSG_English . #Haramball

King!! Take a Bow. Nine Season wonder!!

US 10Y, Japan 10Y, 30Y all close to breakout!! Deal should be agreed soon !!

Commodities and metals will only gain from here. India is decently placed because of higher opening stocks. cnbc.com/2026/05/12/india-ap…

What a player he was!!!!

Bhai ki acche se kutai hogi kisi din😂

The man the Myth. Triggering sl across my short positions.

Makes sense