Daily Sugar Market Update By Vizzie – 30/12/2020

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ChiniMandi, Mumbai: Wednesday 30th December 2020
Domestic Market: The market has been stable nationwide.
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 ₹3100 to 3200 whereas, M/30 rates are ₹3140 to 3250.
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 ₹3240 to 3350 whereas, M/30 rates are 3300 to 3325.
(All the above rates are excluding GST)

International Market: According to reports on Tuesday, sugar prices got rid of early losses and closed higher with London sugar. The robust sugar demand in China is positive for prices after China’s General Administrations of Customs reported last week that China’s November 2020 sugar imports surged +114% y/y to 710 MT and Jan-Nov China sugar imports rose +37.3% y/y to 4.36 MMT. Also, the Indonesia Sugar Refiners Association said last week that it expects Indonesia to boost its sugar exports next year by +10% y/y to 3.3 MMT due to higher demand from the food and beverage industry.

At the time of writing this update London White Sugar front month contract is trading at $409.10/tn, whereas New York Sugar front month contract is trading at 15.07 c/lb.

In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25900 to Rs. 26100 on ex factory basis.
Demand for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.25500 to Rs.25700 ex. factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.247 whereas USD was trading with BRL at 5.2103 Crude futures traded at Rs.3547, Crude WTI traded at $48.34 a barrel. Sensex closed 133.14 points higher at 47,6746.22 whereas Nifty ended 49.35 points higher at 13,981.95.

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