ChiniMandi, Mumbai: Thursday 31st 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 Wednesday, sugar prices extended this week’s gains up to 5-week highs on solid sugar demand from Asia. The robust sugar demand in China is positive for prices after China’s General Administrations of Customs reported last Thursday that China’s Nov 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, Southeast Asia’s largest economy, 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. Strength in the Brazilian real against the dollar is also positive for sugar prices as the real on Wednesday rose to a 1-week high against the dollar. The stronger real curbs export selling by Brazil’s sugar producers.
At the time of writing this update London White Sugar front month contract is trading at $419.60/tn, whereas New York Sugar front month contract is trading at 15.31 c/lb.
In the Indian market:
Maharashtra: 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.
Uttar Pradesh : White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25900 to Rs. 26100 on ex factory basis.
Offer for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.26700 to Rs.27000 delivered at Kandla.
USD 374 FOB West Coast India telequel for January shipment.
USD 376 FOB West Coast India telequel for February shipment.
USD 378 FOB West Coast India telequel for March shipment.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.085 whereas USD was trading with BRL at 5.1940 Crude futures traded at Rs.3508, Crude WTI traded at $47.92 a barrel. Sensex closed 5.11 points higher at 47,751.33 whereas Nifty ended -0.20 points lower at 13,981.75.
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