Daily Sugar Market Update By Vizzie – 21/12/2020

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ChiniMandi, Mumbai: Monday 21st December 2020
Domestic Market: The market was stable 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: The rates for S/30 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 ₹3101 to ₹3111 whereas M/30 are at ₹3121 to 3181/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3185 to 3300 whereas, M/30 rates are 3235 to 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 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.

At the time of writing this update London White Sugar front month contract is trading at at $396.80/tn, whereas New York Sugar front month contract is trading at 14.36 c/lb
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.044 whereas USD was trading with BRL at 5.2230 Crude futures traded at Rs.3619, Crude WTI traded at $47.39 a barrel. Sensex closed 1406.73 points lower at 45,553.96 whereas Nifty ended 432.15 points lower at 13,328.40.

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