ChiniMandi, Mumbai: Tuesday 22nd December 2020
Domestic Market: The market was 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 of 2019-20 is trading at ₹3000 to ₹3030 & S/30 of 2020-2021 is trading at 3025 to 3075.
South Karnataka: The rates for S/30 at ₹3100 to 3130 whereas, M/30 rates are ₹3130 to 3175.
Uttar Pradesh: The rates for M/30 are ₹3230
Gujarat: The rates for S/30 are ₹3101 to ₹3131 whereas M/30 are at ₹3111 to 3131/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3185 to 3300 whereas, M/30 rates are 3235 to 3325.
(All the above rates are excluding GST)
International Market: According to reports on Monday, sugar prices settled moderately higher on the outlook for increased sugar consumption from Indonesia. The Indonesia Sugar Refiners Association said 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.
On the negative side was last week’s action by the Indian Government announcing assistance of 35 billion rupees ($475 million) to help subsidize Indian sugar producers to export as much as 6 MMT in the 2020/21 season. Yesterday, the London White Sugar front month contract closed +2 higher at $400.30/tn, whereas the New York Sugar front month contract closed +0.09 higher at 14.53 c/lb.
At the time of writing this update London White Sugar front month contract is trading at at $399.50/tn, whereas New York Sugar front month contract is trading at 14.50 c/lb
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.864 whereas USD was trading with BRL at 5.1227 Crude futures traded at Rs.3514, Crude WTI traded at $47.42 a barrel. Sensex closed 452.73 points higher at 46,006.69 whereas Nifty ended 137.90 points higher at 13,466.30.
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