Daily Sugar Market Update By Vizzie – 28/12/2020

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ChiniMandi, Mumbai: Monday 28th December 2020
Domestic Market:  The market has been stable nationwide. Millers have been under pressure to accomplish selling the allocated quota of December 2020.
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 is trading at ₹2980 to ₹3030.
South Karnataka: The rates for S/30 at ₹3110 to 3175 whereas, M/30 rates are ₹3140 to 3225. 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 ₹3200 to 3350 whereas, M/30 rates are 3250 to 3325.
(All the above rates are excluding GST)

International Market: According to reports on Thursday sugar prices closed higher with strength in demand from China, the world’s second-largest sugar importer. The China’s General Administrations of Customs reported that in November China’s sugar imports surged +114% y/y to 710 MT and Jan-Nov China sugar imports rose +37.3% y/y to 4.36 MMT.

At the time of writing this update London White Sugar front month contract is trading at $408.60/tn, whereas New York Sugar front month contract is trading at 14.90 c/lb.

In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25800 to Rs. 26000 on ex factory basis.
Demand for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.25200 to Rs.25300 ex. factory basis.

USD 368 FOB West Coast India telequel for January shipment.

USD 373 FOB West Coast India telequel for February shipment.

USD 375 FOB West Coast India telequel for March shipment.

According to exporters, mills will be able to expedite contracts once the notification is received from the DFPD.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.510 whereas USD was trading with BRL at 5.1706 Crude futures traded at Rs.3593, Crude WTI traded at $48.74 a barrel. Sensex closed 380.21 points higher at 47,353.75 whereas Nifty ended 123.95 points higher at 13,873.20.

 

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