Daily Sugar Market Update By Vizzie – 19/12/2020

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ChiniMandi, Mumbai: Saturday 19th December 2020
Domestic Market: No major movement was witnessed nationwide.
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 ₹3265 to 3295
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 Friday, sugar prices on closed lowers on forecasts for rain in Brazil, which eased concerns about dryness and may boost Brazil’s sugarcane yields.
Sugar prices initially climbed to 1-week highs early Friday after crude oil prices rallied to a 9-1/2 month high. Higher crude oil prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

London White Sugar front month contract closed -5.10 lower at $398.30/tn, whereas New York Sugar front month contract closed -0.24 lower at 14.44 c/lb

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