Daily Sugar Market Update By Vizzie – 24/11/2020

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ChiniMandi, Mumbai: Tuesday 24th November 2020

Domestic Market:  Good demand has been witnessed across sugar markets nationwide based on the rumours that Minimum Selling Price (MSP) of sugar is likely to be hiked this week.
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 Monday, sugar prices closed lower after initially opening higher on continued dry conditions in Brazil, however, gave up its gains and turned lower on weakness in the Brazilian real, which fell -0.91% to a 1-week low against the dollar. March New York world sugar #11 (SBH21) closed down -0.06 at 15.15. March London white sugar #5 (SWH21) closed down -1.80 at $411.50.

London White Sugar front month contract is trading at $407/tn, whereas New York Sugar front month contract is trading at 14.95/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.049 whereas USD was trading with BRL at 5.4187 Crude futures traded at Rs.3225, Crude WTI traded at $44.46 a barrel. Indian Indices ended in the green, Sensex closed 445.87 points higher at 44,523.02 whereas Nifty ended 128.70 points higher at 13,055.15.

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