Daily Sugar Market Update By Vizzie – 18/12/2020

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ChiniMandi, Mumbai: Friday 18th 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 Thursday, sugar prices marginally moved higher 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.

The market witnessed a negative side after the Indian Government announced the export policy for sugar of 6 million tonnes with an assistance of 35 billion rupees which is bearish for sugar prices.

At the time of writing this update, London White Sugar front month contract is trading at $404/tn, whereas New York Sugar front month contract is trading at 14.69/lb
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.518 whereas USD was trading with BRL at 5.0593 Crude futures traded at Rs.3546, Crude WTI traded at $48.26 a barrel. Sensex closed 70.35 points higher at 46,690.69 whereas Nifty ended 19.85 points higher at 13,760.55.

 

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