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

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ChiniMandi, Mumbai: Friday 1st January 2021
Domestic Market: In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl. whereas M/30 ₹3180 to 3250. In the resale market S/30 is trading at ₹2980 to ₹3030.
South Karnataka: The rates for S/30 at ₹3100 to 3200 whereas, M/30 rates are ₹3140 to 3250. Uttar Pradesh: The rates for M/30 are ₹3230
Gujarat: The rates for S/30 are ₹3101 whereas M/30 are at ₹3111/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3240 to 3350 whereas, M/30 rates are 3300 to 3325.
(All the above rates are excluding GST)

International Market: According to reports on Thursday sugar extended this week’s rally to a 5-week high on solid sugar demand from Asia. Robust sugar demand in China, the world’s second-largest sugar importer, is positive for prices after China’s General Administrations of Customs reported last week that China’s Nov sugar imports surged +114% y/y to 710 MT and Jan-Nov China sugar imports rose +37.3% y/y to 4.36 MMT. Also, the Indonesia Sugar Refiners Association said last week that it expects Indonesia, Southeast Asia’s largest economy, to boost its sugar exports next year by +10% y/y to 3.3 MMT due to higher demand from the food and beverage industry.
The international markets are closed today.

In the Indian market
Maharashtra: White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25900 to Rs. 26100 on ex factory basis.
Demand for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.25700 to Rs.25800 ex. factory basis.

Uttar Pradesh: White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25900 to Rs. 26100 on ex factory basis.
Offer for Raw sugar of the season 2020/21 icumsa between 600- 1200 is at Rs.27000 to Rs.27200 delivered at Kandla.

USD 381 FOB West Coast India telequel for January shipment.
USD 383 FOB West Coast India telequel for February shipment.
USD 385 FOB West Coast India telequel for March shipment.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.086 whereas USD was trading with BRL at 5.1934 Crude futures traded at Rs.3527, Crude WTI traded at $48.44 a barrel. Sensex closed 117.65 points higher at 47,868.98 whereas Nifty ended 36.75 points higher at 14,018.50.

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