ChiniMandi, Mumbai: Thursday 14th January 2021
The market was quiet owing to a holiday on occasion of Makar Sankranti.
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 Wednesday sugar prices closed high. Sugar prices rallied after Unica reported that Brazil Center-South sugar production in the second half of December fell -13.7% y/y to 11,000 MT. However, 2020/21 Brazil Center-South sugar production through December is up +44% y/y to 38.195 MMT, with the percentage of cane used for sugar climbing to rose to 46.22% in 2020/21 from 34.48% in 2019/20. Sugar prices also found support on strength in the Brazilian real, which rose +0.42% to a 1-week high against the dollar.
At the time of writing this update London White Sugar front month contract is trading at $452.10/tn, whereas New York Sugar front month contract is trading at 16.14 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 73.117 whereas USD was trading with BRL at 5.2811 Crude futures traded at Rs.3848, Crude WTI traded at $52.60 a barrel. Sensex closed 91.84 points higher at 49584.16 whereas Nifty ended 30.75 points higher at 14595.60