ChiniMandi, Mumbai: Monday 11th January 2020
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)
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,
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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