Daily Sugar Market Update By Vizzie – 11/11/2020

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ChiniMandi, Mumbai: Wednesday 11th November 2020

Domestic Market: The market witnessed scanty demand nationwide, prices have been firm.
In Maharashtra: S/30 Sugar rates from millers are ₹3125 to ₹3150/Qntl whereas M/30 ₹3240 to 3270.

South Karnataka:  S/30 Sugar rates are ₹3200 to 3235  whereas, M/30 rates are ₹3325 to 3285.

Uttar Pradesh: The rates for M/30 are ₹3250  to 3285/Qntl.

Gujarat: The rates for M/30 are at ₹3171 to 3211/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3275 to 3350 whereas, M/30 rates are 3325 to 3400.

(All the above rates are excluding GST)

International Market: According to reports on Tuesday sugar prices retreated on forecasts for rain in Brazil. Prices had already been defensive on ramped-up sugar production in India after India’s cooperative sugar millers body National Federation of Cooperative Sugar Factories that Indian sugar output as of Nov 5 was up +32.8% y/y at 425,000 MT.

London White Sugar front month contract is trading at $399.20/tn, whereas New York Sugar front month contract is trading at 14.66/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.256 whereas USD was trading with BRL at 5.4150 Crude futures traded at Rs.3171, Crude WTI traded at $42.63 a barrel.  Indian Indices ended in the green. Sensex closed 316.02 points higher at 43,593.67 whereas Nifty ended 118.05 points higher at 12,749.15.

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