ChiniMandi, Mumbai: Wednesday 23rd December 2020
Domestic Market: The market witness.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl. whereas M/30 ₹3180 to 3250. – Maharashtra: In the resale market S/30 of 2019-20 is trading at ₹3000 to ₹3030 & S/30 of 2020-2021 is trading at 3010 to 3050.
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 ₹3230
Gujarat: The rates for S/30 are ₹3101 whereas M/30 are at ₹3111/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)
According to reports on Tuesday sugar prices closed slightly higher on positive carry-over after the Indonesia Sugar Refiners Association said that it expects Indonesia to boost its sugar exports next year by +10% y/y to 3.3 MMT owing to higher demand from the food and beverage industry. However, the gains were limited because of weakness in crude oil prices that fell more than -1% leading to undercutting the ethanol prices and giving Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.
Yesterday, the London White Sugar front month contract closed +0.30 higher at $400.60/tn, whereas the New York Sugar front month contract closed +0.01 higher at 14.54 c/lb.
At the time of writing this update London White Sugar front month contract is trading at at $403.80/tn, whereas New York Sugar front month contract is trading at 14.65 c/lb
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.689 whereas USD was trading with BRL at 5.1600 Crude futures traded at Rs.3482, Crude WTI traded at $47.12 a barrel. Sensex closed 437.49 points higher at 46,444.18 whereas Nifty ended 134.80 points higher at 13,601.10.
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