Daily Sugar Market Update By Vizzie – 24/12/2020

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ChiniMandi, Mumbai: Thursday 24th December 2020
Domestic Market: The market witnessed scanty demand.
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 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)

International Market: According to reports on Wednesday closed higher on concerns that dry conditions in Brazil will curb sugar yields. The strength in crude prices on Wednesday was another positive factor for sugar that rallied by more than +2%.

Yesterday, the London White Sugar front month contract closed +6.80 higher at $407.40/tn, whereas the New York Sugar front month contract closed +0.29 higher at 14.83 c/lb.

At the time of writing this update London White Sugar front month contract is trading at $409/tn, whereas New York Sugar front month contract is trading at 14.91 c/lb.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.547 whereas USD was trading with BRL at 5.2168 Crude futures traded at Rs.3526, Crude WTI traded at $47.83 a barrel. Sensex closed 529.36 points higher at 46,973.54 whereas Nifty ended 148.15 points higher at 13,749.25.

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