Daily Sugar Market Update By Vizzie – 09/01/2021

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ChiniMandi, Mumbai: Saturday 9th 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 ₹3141/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3230 to 3325 whereas, M/30 rates are 3275 to 3325.
(All the above rates are excluding GST)

International Market:
According to reports on Friday sugar prices settled mixed they initially moved higher on news of smaller sugar output from Thailand, the world’s second-largest sugar exporter. Data on Friday from the Thai Sugar Millers Corp showed that Thailand’s cane output in the first month of the 2020/21 crushing season through January 6 was 11.96 MT, down -45.6% from the same time last year. However, weakness in the Brazilian real against the dollar on Friday weighed on sugar prices after the real fell to a 1-1/2 month low against the dollar, which prompted sugar prices to fall back and give up most of their gains. A weaker real encourages export selling by Brazil’s sugar producers.

March NY world sugar #11 (SBH21) on Friday settled unchanged, and March London white sugar #5 (SWH21) closed up +1.90 (+0.44%).

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.340 whereas USD was trading with BRL at 5.4181 Crude futures traded at Rs.3789, Crude WTI traded at $52.72 a barrel. Sensex closed 689.19 points higher at 48782.51 whereas Nifty ended 209.90 points higher at 14347.25.

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