Daily Sugar Market Update By Vizzie – 17/12/2020

ChiniMandi, Mumbai: Thursday 17th 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 3130 whereas, M/30 rates are ₹3130 to 3175.
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 ₹3175 to 3300 whereas, M/30 rates are 3325.
(All the above rates are excluding GST)

International Market: According to reports on Wednesday, sugar prices marginally moved higher after the Indian Government announced the export policy for sugar of 6 million tonnes with an assistance of 35 billion rupees. Sugar prices closed moderately high on the outlook for a smaller output of sugar from Brazil. Some support for sugar prices was found from a rally in crude oil prices.

London White Sugar front month contract closed at $398.80/tn, whereas New York Sugar front month contract closed at 14.49/lb.

At the time of writing this update, London White Sugar front month contract is trading at $399.60/tn, whereas New York Sugar front month contract is trading at 14.54/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.564 whereas USD was trading with BRL at 5.0842 Crude futures traded at Rs.3531, Crude WTI traded at $47.99 a barrel. Sensex closed 223.88 points higher at 46,890.34 whereas Nifty ended 58 points higher at 13,740.70.

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