Daily Sugar Market Update By Vizzie – 10/12/2020

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ChiniMandi, Mumbai: Thursday 10th December 2020

Domestic Market: The market witnessed poor demand. Sugar millers have been under selling pressure to improve their cash flows and due to the good crushing pace in major sugar producing states.

In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3140/Qntl whereas M/30 ₹3200 to 3240. In the resale market S/30 is trading at ₹3020 to ₹3100.

South Karnataka:  S/30 Sugar rates are ₹3150 to 3175 whereas, M/30 rates are ₹3325 to 3350.

Uttar Pradesh: The rates for M/30 are ₹3275  to 3300/Qntl.

Gujarat: The rates for M/30 are at ₹3151 to 3201/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3275 to 3350 whereas, M/30 rates are 3325 to 3350.

(All the above rates are excluding GST)

International Market: On Wednesday, sugar prices rallied sharply to a 1-1/2 week high as expectations of smaller Brazil sugar production sparked short-covering. London White Sugar front month contract is trading at $405.70/tn, whereas New York Sugar front month contract is trading at 14.86/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar whereas USD was trading with BRL at 5.0886 Crude futures traded at Rs.3409, Crude WTI traded at $46.33 a barrel. Sensex closed 143.62 points lower at 45,959.88 whereas Nifty ended 50.80 points lower at 13,478.30

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