Daily Sugar Market Update By Vizzie – 11/01/2021

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ChiniMandi, Mumbai: Monday 11th January 2020

Domestic Market:
The market witnessed moderate 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 ₹2955 to ₹3000
South Karnataka: The rates for S/30 at ₹3090 to 3100 whereas, M/30 rates are ₹3140 to 3150. 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 ₹3200 to 3325 whereas, M/30 rates are 3250 to 3325.
(All the above rates are excluding GST)

International Market:
According to reports on Friday sugar prices settled mixed after 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.

On Friday March New York sugar #11 (SBH21) settled unchanged March London white sugar #5 (SWH21) closed up +1.90 (+0.44%).

At the time of writing this update London White Sugar front month contract is trading at $4367.80/tn, whereas New York Sugar front month contract is trading at 15.50 c/lb.

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.25900 to Rs.26000 ex. factory basis.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.480 whereas USD was trading with BRL at 5.4850 Crude futures traded at Rs.3818, Crude WTI traded at $51.95 a barrel. Sensex closed 486.81 points higher at 49,269.32 whereas Nifty ended 137.50 points higher at 14,484.75

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