Daily Sugar Market Update By Vizzie – 12/01/2021

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ChiniMandi, Mumbai: Tuesday 12th January 2021

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 Monday sugar prices recovered from early losses and moved higher on the outlook for tighter global supplies. New York sugar initially fell to a 1-week low as weakness in the Brazilian real sparked long liquidation pressure in New York sugar futures. The Brazilian real fell -1.05% to a 1-3/4 month low against the dollar, which encouraged export selling from Brazil’s sugar producers. London sugar also moved higher due to weakness in the British pound, which fell -0.28% to a 1-1/2 week low. Weakness in GBP/USD boosts sugar that is priced in terms of pounds.

At the time of writing this update London White Sugar front month contract is trading at $441.10/tn, whereas New York Sugar front month contract is trading at 15.84 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 73.258 whereas USD was trading with BRL at 5.4710 Crude futures traded at Rs.3887, Crude WTI traded at $53.00 a barrel. Sensex closed 247.79 points higher at 49517.11 whereas Nifty ended 78.70 points higher at 14,563.45

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