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

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ChiniMandi, Mumbai: Saturday 12th December 2020
Domestic Market: The market witnessed moderate demand after no conclusion on rumours of the announcement of hike in MSP and export policy for sugar. Overall, the market did not witness any major movement. The prices remained firm.
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
Gujarat: Due to rains in Gujarat, many mills have made a halt in crushing operations. No demand has been witnessed. The rates for S/30 are ₹3105 to ₹3125 whereas M/30 are at ₹3125 to 3181/Qntl.
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: According to reports on Friday, 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.

London White Sugar front month contract closed at $395.80/tn, whereas New York Sugar front month contract closed at 14.43/lb.

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