Daily Sugar Market Update By Vizzie – 15/12/2020

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ChiniMandi, Mumbai: Monday 15th December 2020
Domestic Market: The market witnessed moderate demand with prices remaining 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 ₹3100 to 3150 whereas, M/30 rates are ₹3300 to 3325.
Uttar Pradesh: The rates for M/30 are ₹3275 to 3300.
Gujarat: The rates for S/30 are ₹3105 to ₹3111 whereas M/30 are at ₹3111 to 3171/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3250 to 3300 whereas, M/30 rates are 3300 to 3325.
(All the above rates are excluding GST)

International Market: According to reports on Tuesday, sugar prices witnessed lows on the outlook for abundant global sugar supplies. Last week 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 is trading at $390.60/tn, whereas New York Sugar front month contract is trading at 14.10/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.558 whereas USD was trading with BRL at 5.1146 Crude futures traded at Rs.3454, Crude WTI traded at $46.92 a barrel. Sensex closed 9.70 points higher at 46,263.17 whereas Nifty ended 9.70 points higher at 13,567.85.

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