ChiniMandi, Mumbai: Wednesday 13th 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 ₹3075 to 3100 whereas, M/30 rates are ₹3120 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 3260 whereas, M/30 rates are 3250 to 3300.
(All the above rates are excluding GST)
According to reports on Tuesday sugar prices settled moderately lower as they consolidated below last week’s significant highs. Sugar prices have been rallying sharply over the past four weeks, with New York sugar posting a 3-1/2 year high last Thursday and London sugar posting a 10-3/4 month high last Wednesday owing to the outlook for tighter global supplies along with solid demand from Asia.
Alvean, the world’s largest sugar trader, said last week that it expects the global sugar market to be in deficit by 5 MMT in 2020/21 and 6 MMT in 2021/22, providing the most “constructive” backdrop for sugar prices since 2016.
At the time of writing this update London White Sugar front month contract is trading at $443.210/tn, whereas New York Sugar front month contract is trading at 15.770 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 73.127 whereas USD was trading with BRL at 5.2969 Crude futures traded at Rs.3925, Crude WTI traded at $53.59 a barrel. Sensex closed 24.79 points lower at 49492.32 whereas Nifty ended 1.40 points higher at 14,564.85.
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