Daily Sugar Market Update By Vizzie – 25/11/2020

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ChiniMandi, Mumbai: Wednesday 25th 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 Tuesday, sugar prices closed lower with moderate losses the entire day London sugar slipped to a 1-1/2 week low. The outlook for more sugar supplies from India weighed on sugar prices.
March New York world sugar #11 (SBH21) closed down -0.11 at 15.04. March London white sugar #5 (SWH21) closed down -2.90 at $408.60.

London White Sugar front month contract is trading at $407.70/tn, whereas New York Sugar front month contract is trading at 14.98/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.931 whereas USD was trading with BRL at 5.3810 Crude futures traded at Rs.3350, Crude WTI traded at $45.22 a barrel. Indian Indices ended in the red, Sensex closed 694.42 points lower at 43,828.10 whereas Nifty ended 196.75 points higher at 12,858.40.

 

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