Daily Sugar Market Update By Vizzie – 23/11/2020

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ChiniMandi, Mumbai: Monday 23rd November 2020
Domestic Market: Demand for sugar rose across sugar markets nationwide based on the rumours that Minimum Selling Price (MSP) of sugar is likely to be hiked this week. In Maharashtra, demand has been majorly witnessed from Kolkata & Guwahati for rakes.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl whereas M/30 ₹3250 to 3270
South Karnataka: S/30 Sugar rates are ₹3170 to 3210 whereas, M/30 rates are ₹3205 to 3260.
Uttar Pradesh: The rates for M/30 are ₹3300 to 3350/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)

International Market: On Friday, sugar prices slipped after the weakness in the Brazilian real sparked long liquidation pressure in sugar futures. March New York world sugar #11 (SBH21) closed down -0.07 at 15.21. March London white sugar #5 (SWH21) closed down -1.40 at $413.30

London White Sugar front month contract is trading at $416.90/tn, whereas New York Sugar front month contract is trading at 15.39/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.032 whereas USD was trading with BRL at 5.3530 Crude futures traded at Rs.3181, Crude WTI traded at $42.80 a barrel. Indian Indices ended in the green, Sensex closed 194.90 points higher at 44,077.15 whereas Nifty ended 67.40 points higher at 12926.45.

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