Daily Sugar Market Update By Vizzie – 11/12/2020

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ChiniMandi, Mumbai: Friday 11th December 2020
Domestic Market: The market witnessed good demand on expectations of assistance from the Government of India for exports of sugar approx Rs. 6 to 7/Qntl. and hike in Minimum Selling Price (MSP) of sugar from Rs.31 to Rs.33/kg.
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 of 2019-20 is trading at ₹3000 to ₹3030 & S/30 of 2020-2021 is trading at 3025 to 3075.
South Karnataka: Sugar rates for S/30 grade, season 2020-2021 is trading at ₹3150 to 3175 whereas, M/30 rates are ₹3325 to 3350.
Uttar Pradesh: The rates for M/30 are ₹3275 to 3300
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 Thursday, sugar prices closed lower on a surge in Brazil Center-South sugar output after UNICA reported that sugar production in the second half of November rose +22.6 y/y to 427 MT. The percentage of cane used for sugar rose to 35.55% in 2020/21 from 23.85% in 2019/20.

According to Paragon Global Markets LLC, US stock markets could slide if no stimulus is agreed impacting commodities

London White Sugar front month contract is trading at $399.30/tn, whereas New York Sugar front month contract is trading at 14.54/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar whereas USD was trading with BRL at 5.0635 Crude futures traded at Rs.3450, Crude WTI traded at $46.70 a barrel. Sensex closed 139.13 points higher at 46,099.01 whereas Nifty ended 35.55 points higher at 13,513.85

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