Daily Sugar Market Update By Vizzie – 15/01/2021

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ChiniMandi, Mumbai: Friday 15th January 2020

Domestic Market: The market was stable.
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)

International Market: According to reports on Thursday sugar prices rallied sharply as NY and London sugar both posted 3-1/2 year nearest-future highs. The outlook for tighter global sugar supplies is fueling fund-buying of sugar futures. Citigroup on Thursday raised its 2021 sugar price estimate to 14.7 cents/lb from 13.6 cents/lb, citing “disappointment in the scale” of the government of India’s subsidy for sugar exports.

At the time of writing this update London White Sugar front month contract is trading at $459.10/tn, whereas New York Sugar front month contract is trading at 16.136 c/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.125 whereas USD was trading with BRL at 5.2759 Crude futures traded at Rs.3859, Crude WTI traded at $52.80 a barrel. Sensex closed -549.49 points lower at 49034.67 whereas Nifty ended 161.90 points lower at 14595.60

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