ChiniMandi, Mumbai: Tuesday 12th January 2021
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 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,
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