ChiniMandi, Mumbai: Friday 20th November 2020
The market was steady with prices range bound.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3150/Qntl whereas M/30 ₹3240 to 3270
South Karnataka: S/30 Sugar rates are ₹3130 to 3210 whereas, M/30 rates are ₹3200 to 3260.
Uttar Pradesh: The rates for M/30 are ₹3250 to 3285/Qntl.
Gujarat: The rates for M/30 are at ₹3171 to 3211/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3250 to 3350 whereas, M/30 rates are 3300 to 3375.
(All the above rates are excluding GST)
On Thursday sugar prices ended with moderate losses owing to the outlook for higher sugar production and exports from India. The USDA’s Foreign Agricultural Service (FAS) forecast that India’s 2020/21 sugar production will climb +16.8 % y/y to 33.76 MMT and that India’s sugar exports will climb +3.5% to 6.0 MMT.
According to Czarnikow, a leading supply chain service; Raw sugar export parity remains entrenched in negative territory; 18.8c/lb is where we’ll see unsubsidised raw sugar exports for 2020/21 become competitive. The No.5 futures have rallied quite sharply since last week, closing the parity to just 30 USD/mt before unsubsidised low-quality white sugar is competitive enough to export onto the world market. The USD/INR FX has stabilised around the range of 74 Rupees per USD and does not impact export parity
March New York world sugar #11 (SBH21) closed up +0.14 at 15.45. March London white sugar #5 (SWH21) closed up -+2.80at $416.90
London White Sugar front month contract is trading at $417.50/tn, whereas New York Sugar front month contract is trading at 15.31/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.129 whereas USD was trading with BRL at 5.3057 Crude futures traded at Rs.3135, Crude WTI traded at $42.16 a barrel. Indian Indices ended in the green Sensex closed 282.29 points higher at 43882.25 whereas Nifty ended 87.35 points higher at 12859.05.
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