Daily Sugar Market Update By Vizzie – 05/12/2020

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ChiniMandi, Mumbai: Saturday 5th December 2020
Domestic Market: The market witnessed moderate demand.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl whereas M/30 ₹3250 to 3270
South Karnataka: S/30 Sugar rates are ₹3170 to 3210 whereas, M/30 rates are ₹3185 to 3260.
Uttar Pradesh: The rates for M/30 are ₹3300 to 3350/Qntl.
Gujarat: The rates for M/30 are at ₹3171 to 3211/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3300 to 3350 whereas, M/30 rates are 3350 to 3375.
(All the above rates are excluding GST)

International Market: According to reports Friday, a surge in Brazil sugar exports weighed on prices. Brazil’s sugar exports rose +60% y/y to 3.1 MMT. Sugar prices have been on the defensive this week and posted 4-week lows Wednesday after the India Sugar Mills Association (ISMA) reported that India Oct 1-Nov 30 sugar production surged +107% y/y to 4.29 MMT due to an early start for the crushing season.

London White Sugar front month contract closed at $397.30/tn, whereas New York Sugar front month contract closed at 14.44/lb.

 

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