Daily Sugar Market Update By Vizzie – 07/01/2021

ChiniMandi, Mumbai: Thursday 7th January 2021

Domestic Market:
The market witnessed scanty demand.
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 3125 whereas, M/30 rates are ₹3140 to 3175. 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 ₹3160 to 3325 whereas, M/30 rates are 3210 to 3325.
(All the above rates are excluding GST)

International Market:
The market has been in the green on the outlook for tighter global sugar supplies. The world’s largest sugar trader Alvean, announced on Tuesday that it expects the global sugar market to be in deficit by 5 MMT in 2020/21 and 6 MMT in 2021/22, providing the most “constructive” backdrop for sugar prices since 2016.

At the time of writing this update London White Sugar front month contract is trading at $441.50/tn, whereas New York Sugar front month contract is trading at 16.09 c/lb.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.403 whereas USD was trading with BRL at 5.3535 Crude futures traded at Rs.3731, Crude WTI traded at $50.75 a barrel. Sensex closed 80.74 points lower at 48093.32 whereas Nifty ended -8.90 points lower at 14,137.35.

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