ChiniMandi, Mumbai: Friday 20th November 2020
Domestic Market:
The market was steady with prices range bound.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3150/Qntl whereas M/30 ₹3240 to 3270
South Karnataka: S/30 Sugar rates are ₹3130 to 3210 whereas, M/30 rates are ₹3200 to 3260.
Uttar Pradesh: The rates for M/30 are ₹3250 to 3285/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 Thursday sugar prices ended with moderate losses owing to the outlook for higher sugar production and exports from India. The USDA’s Foreign Agricultural Service (FAS) forecast that India’s 2020/21 sugar production will climb +16.8 % y/y to 33.76 MMT and that India’s sugar exports will climb +3.5% to 6.0 MMT.
According to Czarnikow, a leading supply chain service; Raw sugar export parity remains entrenched in negative territory; 18.8c/lb is where we’ll see unsubsidised raw sugar exports for 2020/21 become competitive. The No.5 futures have rallied quite sharply since last week, closing the parity to just 30 USD/mt before unsubsidised low-quality white sugar is competitive enough to export onto the world market. The USD/INR FX has stabilised around the range of 74 Rupees per USD and does not impact export parity
March New York world sugar #11 (SBH21) closed up +0.14 at 15.45. March London white sugar #5 (SWH21) closed up -+2.80at $416.90
London White Sugar front month contract is trading at $417.50/tn, whereas New York Sugar front month contract is trading at 15.31/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.129 whereas USD was trading with BRL at 5.3057 Crude futures traded at Rs.3135, Crude WTI traded at $42.16 a barrel. Indian Indices ended in the green Sensex closed 282.29 points higher at 43882.25 whereas Nifty ended 87.35 points higher at 12859.05.
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